Quote:
Originally Posted by legion
So...tell me about bridge loans.
We're going to sell our house before buying, but I'd like to close on the new house first.
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Your not considering a contingent sale?
I would think because your current home is in such a desirable area and would sell fast, contingency would work just fine...
However, if you go the FSBO route and give yourself 2 months then look to a realtor to sell maybe contingent wouldn't work...hmmmm
Anyway, as I remember bridge loans (if you can still find them):
They involve both properties, the one your selling and the one your buying are both tied to the transaction. Once your current home sales the cash from that sale pays down the amount of your bridge loan, then the balance left (from new home purchase) rolls into a new/final loan with new terms, secured by title/deed of your new home. Bridge loan is done.. Maybe they are structured differently now, I'm sure Rob or Jake will chime in....
I used to do a lot of commercial bridge loans when the market was hot.
IndyMac used to have a great bridge loan program...I digress
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