Real Estate
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Bridge Loans

933 Views | 1 Replies | Last: 4 yr ago by Jay@AgsReward.com
cadetjay02
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AG
I'm planning on listing my house in March, (yes, Cody is my realtor) but my eventual search area is limited to a single subdivision. The wife and I have been going to open houses in the target area for the last couple months just to educate ourselves and get a feel for the houses. We get the usual pitch of do you need a realtor and then leave us alone because they know we're just tire kickers.

We looked at another one this afternoon the checked most of the boxes but the realtor threw out the idea of a bridge loan and briefly explained the premise.

While I guess it's a good idea for some in certain situations, this seems fairly risky. I'm very risk averse and have no interest in it, but I just wanted to gauge y'all's thoughts.
SteveBott
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AG
The risk is you can't sell your home quickly. I would talk to Cody about what pricing it would take to move your from list to contract is say two weeks. Will that price point meet your bottom line on what you want to net out?

The secondary risk is your wanting to buy a specific home in a relative small pool of inventory. But you could set up the bridge and not execute until you have to. But being qualified to buy without selling is extremely attractive to a seller so the bridge can help.

You do have other options but being willing and able to carry two mortgages at the same time Is question number 1 and if no you cannot move to best option available.
Jay@AgsReward.com
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AG
We make a lot of bridge loans and there are of course pro's and con's but they can sometimes be worked that you only have one mortgage payment. Happy to speak to you about if interested.
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