| For many people the nightmare of selling one home to | | | | This way you can get your home sold and still buy one |
| buy another is one they wish to avoid. Even though | | | | that you are going to move into. The requirements for |
| they do want to move to another home they don't | | | | bridge loans vary based on the lender so explore what |
| want the hassles that come. Realistically they know | | | | may be extended to you. One requirement is that you |
| they must sell the first one to be able to buy the | | | | have to be able to show you have enough income to |
| second one. The last thing they want is to end up with | | | | pay for the mortgage on both homes. You also should |
| two mortgage payments to cover. | | | | know that this type of loan often has a high rate of |
| One the other hand though they don't' want to sell their | | | | interest with it. |
| current home and then struggle to find another one | | | | The good news is that people sell one home and buy |
| before the closing date. Then they won't have | | | | another all the time. It can take some careful planning |
| anywhere to go and that creates another hassle. Even | | | | to make sure you don't end up with some problems |
| if you are able to get an apartment or a hotel for a | | | | along the way. If you have never done this before get |
| few weeks you still have to move twice. Most of us | | | | your real estate agent to help you. Working with one |
| will agree that process of moving once isn't something | | | | person to help you sell your current residence and then |
| we want to do - so doing it twice in the span of a | | | | to buy another is the best option. |
| month or two is out of the question. | | | | By doing so you will be able to ensure they do their |
| It isn't always a great time to sell a home and you do | | | | best to get all of the dates to line up. They can also |
| need to be aware of that. If there are tons of other | | | | add stipulations to offers you make on the new home |
| homes on the market right now that aren't selling then | | | | that state you must sell your own home before it is |
| it could be difficult for you to sell yours as well. It could | | | | going to continue moving forward. This type of |
| be because of the economy or other factors in your | | | | stipulation is more common than you might think. |
| area. Find out what the scenario is before you leap | | | | Don't feel like you are stuck in a home because you |
| into putting your home on the market. | | | | need to sell it before you can get another one. Work |
| Many lenders though do want to help people out in | | | | with your real estate agent to get the home ready to |
| such a predicament. If you have decent credit they | | | | sell. Offering it at a great price will also help to get that |
| may extend what is called a bridge loan to you. With | | | | done in less time. While that is all going on have a good |
| this you will get the funding you need to buy the | | | | idea of what you want in another home. That way |
| second home even though the first one hasn't closed | | | | you can explore what is out there as soon as you get |
| yet. The lender will get their money due when the | | | | a bite on the home you are in. |
| closing date occurs with that first home. | | | | |