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What is a Bridge Sale or Loan.Our House will be put on the market in two weeks, but we found a house

  • April 07 2013 - Kamm's Corner
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Answers (3)

A bridge loan is used to bridge the time between your home selling and buying a new home. They were very popular in the late 80's and 90's. Make sure you are well able to carry both homes for a long as 5 years - Hopefully your home will sell quickly but you want to be able to have that kind of failsafe.  Price your home agressively and get out of your old home quickly - waiting for that extra $20k in this market could cost you alot in the long run - Find a good Realtor - Best of luck to you.
  • April 08 2013
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I haven't seen Bridge Loans in years and as Wetdawgs says, they are risky and expensive.

Are homes selling fast where you are? If so, price your home aggressively so you get a sale agreed quickly. Then you can at least write an offer that is only contingent on your sale closing.
  • April 07 2013
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A bridge loan is a loan taken out to cover the gap between buying your new home and selling your old home (i.e. you'd be carrying two loans).     Qualifying is not trivial, and they can be expensive due to the risk.   They are not common anymore.    Talk with your lender.

We did this once and although more than qualified to carry both loans, I don't think I slept soundly for the three weeks until the old home closed.   We did not initiate the bridge loan until we had the offer on the old home.

  • April 07 2013
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