Who Qualifies for HomeLight Buy Before You Sell in Los Angeles?
HomeLight Buy Before You Sell requires at least 10% equity in your current home, a property that's marketable in its current condition, and a credit score of 620+ for standard approval. The program can unlock up to 70% of your available equity, with pre-approval typically completed within 24 hours.
The Three Core Requirements
1. Equity Position (Minimum 10%)
You need at least 10% equity in your departing home. The more equity you have, the more HomeLight can unlock for your down payment.
2. Marketable Property
Your home must be saleable in its current condition within 120 days. HomeLight evaluates:
- Property condition and needed repairs
- Location and market demand
- Comparable recent sales
- Title clarity (no liens or encumbrances)
3. Credit Score Requirements
| Credit Score | Standard BBYS | Equity Boost |
|---|---|---|
| 680+ | ✓ Eligible | 1.5x asset backing |
| 620-679 | ✓ Eligible | 2x asset backing |
| Below 620 | Case-by-case | Not eligible |
Equity Boost lets you unlock additional equity beyond the standard 70% by backing it with proof of qualifying assets like 401k, IRA, or savings. There's no extra fee-just asset verification requirements based on your credit score.
The 24-Hour Pre-Approval Process
HomeLight's approval is fast because it's algorithm-driven. Here's what happens:
- Your partner agent submits property details - Basic info about your home, location, condition
- HomeLight runs their evaluation - Automated valuation model plus market analysis
- You receive your numbers - Equity Unlock Amount and Guaranteed Backup Offer price
Most clients receive pre-approval within 24 hours. Complex situations may take longer.
Let's Check Your Eligibility
I'll run your numbers and tell you exactly what you'd qualify for-no obligation.
Free consultation - No pressure
Already Listed? You Can Still Apply
One of BBYS's lesser-known features: you can apply even if your home is already on the market. This "mid-transaction pivot" option helps homeowners who:
- Listed their home but found a new property before selling
- Are struggling to coordinate buy/sell timing
- Want to take their home off market, move first, then relist vacant
If you're already listed, your partner agent can help you evaluate whether to continue your current approach or pivot to BBYS. The program doesn't require you to start from scratch.
What Types of Properties Qualify?
Primary residence single-family homes in marketable condition are the core use case for BBYS.
Townhomes qualify, though HOA factors may affect the evaluation.
Most condos qualify, but HOA financial health and building-specific factors are considered.
BBYS is designed for primary residences. Investment properties may have different requirements.
When BBYS Isn't the Right Fit
Buy Before You Sell isn't for everyone. It may not be right if:
- Your home needs significant repairs - Properties requiring major work may not qualify or may receive lower valuations
- You have minimal equity - With less than 10% equity, the program won't work; with 10-20%, the unlock amount may be too small to be useful
- You're not ready to list within 21 days - After closing on your new home, you must list your old home within 21 days
- Market conditions are extremely slow - If homes in your area aren't selling, the 120-day window may be challenging
A good partner agent will tell you when BBYS isn't the right choice. If I don't think the program fits your situation, I'll recommend alternatives-whether that's a traditional bridge loan, HELOC, or simply waiting for better timing.
Ready to See If You Qualify?
A 15-minute conversation can tell you your Equity Unlock Amount and whether BBYS fits your situation.
Call or Text (213) 444-2225Text works too - No obligation
