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How to get the home you want before yours sells
Bridge Loans!
Have you witnessed this scenario? A client has his or her house on the market with an offer on another home - a contingent sale. And the client needs the proceeds from current house to make a down payment on the new one. 
Of course, this is a relatively common event, especially if someone finds a dream house that they feel they have to act on quickly.
What to do? An initial answer might be to get an equity loan on the current home and use the funds as a down payment for the new one, paying off the equity loan when the old home sells. In previous markets, clients could get an equity loan on a recently listed property - paying a hefty origination charge for the privilege. This used to be a common approach but most lenders these days require that the property not be listed for at least six months before applying for an equity loan. 
But there is another solution: it's called a "bridge" loan. Bridge loans provide short-term financing and are taken out on the newly purchased property and paid off upon the sale of the clients' listed property. Bridge loans are second liens, ... more

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