No Cash Options for WINNING!

In this incredibly competitive market, how can you” WIN” the home of your dreams without having a boat load of cash in your back pocket? One option is to obtain a Bridge Loan…

A Bridge Loan may be the best option for you when you find the perfect home, but need to sell your existing home to be able to purchase. Instead of having to make a contingent offer on a home ( which is really difficult to get a seller to accept) , you will have funds available to you to make a non contingent offer! Just yesterday a client of mine was able to submit a super strong offer on a home using the bridge loan. Our offer stood out because we had the funds to close in 2 weeks, as the money was sitting there waiting to fund the loan. Now we can close on the new property and her current home will be on the market in two weeks with SO much less stress!!

Not many lenders offer a Bridge Loan program, but I have 2 lenders that I work with that do, and they are wonderful to work with. The criteria for the loan is that the borrower can borrow up to 75% of the net proceeds of the sale of their home, and no payments are made until their home is sold. A bridge loan term is typically for 6 months giving you ample time to sell your current home.

If you are one of many that is thinking of making a move, I’d be happy to talk with you about whether or not this program could work for you to “Bridge the Gap” between homes!