Join Date: 07-23-2001
Location: Motor City, Michigan
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Re: buying another house, questions
Talk to a local bank, realtor, or mortgage company. A bridge loan is a short term loan/mortgage that you take out to buy the piece of property you're interested in with the intention of paying it off as soon as your current home is sold. There are numerous financing/interest rate options available depending on your needs. The down side to a bridge loan is you will be paying on two pieces of property, assuming your current house still has a mortgage on it. They key to a bridge loan is that you only want to borrow the money for a SHORT period of time, based on the assumption your house sells fast. Otherwise, make a contingency offer (like others have suggested) on the new piece of property and hope that the sellers will accept it knowing they have to wait for your house to sell before they can close on the sale.
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