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Bridge loans???

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MommaG
Yay Spring!

Member since 5/05

5133 total posts

Name:
Gloria

Bridge loans???

Anyone know anything about bridge loans? We have an offer in on a house, and there is another somewhat higher offer. Those people have a contingency that they sell their house first. We said the same thing, but they said since our offer is lower, they would go with us if we get a bridge loan so they don't have to wait until we sell our house to close.

Seems risky to me - I don't know if we could afford to pay three loans at once if our house doesn't sell.

Posted 7/12/06 8:15 PM
 
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Freddie
LIF Adult

Member since 3/06

1162 total posts

Name:
Freddie

Re: Bridge loans???

I asked my agent about these when we were selling and buying. It seems they don't exist anymore. We came up with another down payment and sold out house 2 weeks after buying - so no double mortgage), but the people we bought from took out a HEL/HELOC before they listed and used that as their down payment for their new house.


good luck

Posted 7/13/06 10:02 AM
 

monkeybride
My Everything

Member since 5/05

20541 total posts

Name:

Re: Bridge loans???

Posted by Ricki

I asked my agent about these when we were selling and buying. It seems they don't exist anymore. We came up with another down payment and sold out house 2 weeks after buying - so no double mortgage), but the people we bought from took out a HEL/HELOC before they listed and used that as their down payment for their new house.


good luck



Same here. We're taking out a second on our new house unless this house sells before we close because we can't pull our equity out of this house unless it sells in time.

Posted 7/13/06 11:19 AM
 
 

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