What do you do if suddenly, the perfect house comes up for sale and you weren’t even thinking of buying a new home? You tried but had given up.
Problem and Road Blocks:
Your current home is “lived in” and you haven’t talked to your Realtor® about selling, which you’d need to do before buying a new home.
There are already 2 bids on the home and the deadline to make a bid is in two days.
No contingent offers (contingent on selling your current home to get the money to buy the home) will be accepted.
YIKES! This was Jaime’s problem. All the normal ways and procedures she thought she could use were out.
Jamie is GREAT at the homework and got all her financials in to me.
Problem:
She needs a down payment. She has $10,000 liquid and needs 3% of $1.5 million. After she sells her home, she would have $700,000, but she couldn’t buy it on contingency.
Where there’s a will and a lot of experience, there’s a way.
Solution:
We were able to get the money in place, with an approval for a bridge loan in 24 hours.
What a nail-biter week this has been!
She was able to get $500,000 from her current home as a short-term loan, called a bridge loan. This allows here to buy the new home and THEN sell her old home.
If you know someone who wants to buy a new home BEFORE selling their current home and is not sure how to do it, please introduce us. They’ll be so happy and relieved that there is a solution.