New Build Pre-Qualification Contingency – CA

We have an existing home/mortgage and are looking to move to an upcoming new build by Lennar in CA – still very early and not accepting deposits or have any information yet. I’ve read that those with “no contingencies” are oftentimes prioritized. I’m curious if anyone has knowledge or experience going through this process with an existing mortgage – at what point do you need to have no contingencies?

Do you have to sell your current home before even applying for Pre-Qualification (which you have to do to be put on the Priority List)? Or can you still pre-qualify with an existing mortgage and sell your house later (but before taking possession of the new home, or even before the actual construction begins)? Note that we would not be able to hold both mortgages at the same time.

They said the build itself is supposed to take approximately 3 years over multiple phases, so selling before prequalification begins apparently may mean years waiting. Thank you in advance!

submitted by /u/squirrels17
[link] [comments]

We have an existing home/mortgage and are looking to move to an upcoming new build by Lennar in CA – still very early and not accepting deposits or have any information yet. I’ve read that those with “no contingencies” are oftentimes prioritized. I’m curious if anyone has knowledge or experience going through this process with an existing mortgage – at what point do you need to have no contingencies? Do you have to sell your current home before even applying for Pre-Qualification (which you have to do to be put on the Priority List)? Or can you still pre-qualify with an existing mortgage and sell your house later (but before taking possession of the new home, or even before the actual construction begins)? Note that we would not be able to hold both mortgages at the same time. They said the build itself is supposed to take approximately 3 years over multiple phases, so selling before prequalification begins apparently may mean years waiting. Thank you in advance! submitted by /u/squirrels17 [link] [comments]

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