Today, we’re going to talk about Bridge Loans because I know that a lot of you are thinking about making a move. But, you don’t know how you’re going to be able to do it. In a multiple offer situation, with the home sale contingency, it’s going to be really tough to compete like that is just the real truth.
However, if your money is currently tied up in the equity of your current home, there are solutions. What I can do for you is, if you work with me as your listing agent for the home that you want to sell, I can introduce you to something called “ COMPASS BRIDGE SERVICE”.
This is basically a bridge loan. In this, you have certain requirement, and there has to be certain amount of equity in your current home. If you qualify, you can use that money to pay for the new house. The down payment and closing costs can go towards compass bridge loan. In that way, you can put offers in and be able to compete and hopefully, get your offer accepted. Then we can go and list your home, sell it, and once you sell your home, you can pay off the short term bridge loan. So, there are options. It is possible to win in this market both as a seller and a buyer, you just have to have a good plan.