Is a Bridge Loan the Solution for You?
Here’s a solution for sellers who are concerned about finding homes.
Are you thinking about putting your home on the market but can’t find a home you like to buy? Perhaps you’ve already submitted several offers on different properties but have lost out to the fierce competition. If this is the case or concern you have, today I’d like to help you solve your problem.
Right now, historically low housing inventory has been setting records across the nation. Many homebuyers are making multiple offers on properties and are still looking. Of course, some sellers are making their home sales contingent on their own ability to find a home. The problem is that sellers in today’s market don’t really want to consider contingent offers.
A bridge loan can help you overcome these barriers by allowing you to use the equity in your home for a short-term loan that bridges the gap. If you qualify for a bridge loan, you could make offers on properties that aren’t contingent on the sale of your home. Once you move into your new house, you could then put your first home on the market, sell it, and pay off your bridge loan. Then that will just revert to a regular loan for your house.
If you’d like to learn more about how a bridge loan could be the solution to your home-selling fears or you have any questions about the market in general, don’t hesitate to reach out to me. I’d love to help you.