Thanks Hugh, It'll all work out somehow
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Thanks Hugh, It'll all work out somehow
Don, I hope it works out. When I was building houses, I would never accept a contingency contract. Several times when I sold a house, the buyer would get a bridge loan to cover both of their notes until their old house sold. Most of the time it worked out pretty good. A couple of times though, the people got stuck with their old house for over a year. It was usually their own fault by over pricing their old house. It really didn't matter to me as long as I got my money when I sold the house. Good Luck Bro!!!
Thanks Chris. We tried to get as much as we could but as luck had it, 2 houses went up for sale in our neighborhood the same wekk we put ours up. One was higher priced than ours but had more square footage. Then another one, the same size as ours went up and it was a MAJOR fixer upper, both sold in less than a month. The fixer upper went for $105,000.
I'm not saying a bridge is a good thing, but if everything goes well, it may help you get the house you want quickly. Just get out of the bridge as quickly as possible. You are doing nothing but paying the interest on the old note. As someone else mentioned, you may want to consider leasing your old house with the option to buy.
It's never a good thing to do a bridge loan. Can always have problems. If we have to drop the selling price abit more to get the house sold, we will. We only owe $63,000 on it and I know we can get $110,000 now but we want to try and get abit more. We've had SEVERAL folks wanting to do a lease purchase. bet we've had 8-10 people wanting that but we want the money to lower our monthly bills
The problem with sale time length is that not as many people can qualify NOW as did before the new mortgage laws. Killed the real estate markets. Its not that your over pricing your old home. Lots of people will look, but only a small percentage will have the ability to close on it. Just the way it is.
Talked to several that COULD get $110,000 and MANY more wanting to Lease Purchase. Talking to one now who can only get the 110 but her dad is going to help her out. Maybe this is the one. It'd be perfect timing if it is. Give us a couple weeks to get everything out and not have to get it all in just a couple days
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Originally Posted by Shine Runner