How Do Bridge Loans Work?

By
Real Estate Agent with RE/MAX Agents Realty

You already own a house, but one day you hear that the house you have desired for years is on the market. Out of curiosity, you call your favorite Realtor and arrange to see if the inside of your dream house is as terrific as the outside, and--suddenly you are in love. The sellers need a relatively fast settlement, and are not in a position to accept an offer that is contingent on selling your home before closing on the new one. While you are confident your house will sell fairly quickly, you can never be sure in a fluctuating market.

A bridge loan may be the answer to your situation. Many lenders specialize in providing short term loans for just this type of situation. The principal and interest is paid back when you close the sale of your present house. If the market in your area is strong and there is a good possibility of selling your home quickly, or if you are willing to offer your home at a price that will move it in a sluggish market, then a bridge loan is a tool that could make the home you love a real possibility. A good Realtor and a knowledgeable loan officer are the team you need to turn this kind of possibility into your future

Posted by

Dallas Chambers

RE/MAX Agents Realty

Office:  770-922-7777 X316

Cell:     770-595-1541

Web: www.dallasc.remax-georgia.com

E-Mail:  dallasc@remax.net

Each Office Independently Owned and Operated.  All information deemed reliable but not guaranteed.

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Topic:
Home Buying
Location:
Georgia
Tags:
foreclosures
bank owned
short sales
first time homebuyers
homes for sale in conyers ga
homes for sale in covington ga

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Rainer
33,204
Dorothy Tanno
ReMax Realty 9 - Jackson, NJ

I made this suggestion to a buyer who was using Wells Fargo and they told hime that they do not do them anymore.

May 05, 2010 02:27 AM #1
Rainmaker
2,551,317
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Dallas...

While an excellent tool to the one who knows how to wield it, I think it is on its way out except in certain specialized situations......

Best

May 05, 2010 03:25 AM #2
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Rainmaker
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Dallas Chambers

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