Calque is launching another “Buy Before You Sell” program

Fintech Calque has rolled out an affordable version of its Buy Before You Sell program, which allows homeowners to remove home sale contingencies and debt-to-income (DTI) restrictions.

Dubbed the “Contingency Buster,” the product uses the Purchase Price Guarantee (PPG), a binding backup contract that if a homebuyer’s current home doesn’t sell within 150 days, the fintech will sell it at an agreed-upon price will buy, the company said. in a release Tuesday.

A sales contingency in a real estate purchase agreement makes the sale of a home contingent on the successful sale of the buyer’s current home. If the buyer successfully sells the home within the agreed period, the contingency expires and the purchase of the new home proceeds as planned.

However, if the buyer is unable to sell the house, the buyer must renegotiate the terms with the seller or withdraw from the contract without penalties.

Calque can issue a binding bid decision within 24 to 48 hours after a virtual viewing of the property. Once the offer is accepted by the homeowner, they have up to 150 days to sell their home on the market, with Calque acting as a backup buyer if the home does not sell within that period.

“With the introduction of the Contingency Buster, we are increasing our commitment to providing faster, more cost-effective options that pave the way for seamless home buying and selling experiences,” said Michael Bremer, CEO of Calque.

According to the company, the Calque PPG will be the minimum amount required to remove the contingency of a home’s sale.

The Contingency Buster program is an extension of the flagship program, ‘The Trade-In Mortgage,’ which allows homeowners to tap into their current home equity before selling to make a larger down payment, pay down debt or increase cash reserves.

Launched in 2021, Calque partners with lenders to offer its programs and allows borrowers to work with the agent of their choice and any lender in the Calque network of mortgage lenders.

As pressure on affordability increases due to high mortgage rates and rising house prices, Buy Before You Sell products are gaining popularity. Proptech Home light this week raised $20 million to expand the Buy Before You Sell product to mortgage lenders and brokers in 40 new states.