In a seller’s market, the competition for houses can be fierce.Many sellers will turn down any offer they receive that has a contingency clause (for example, a clause that states the offer is contingent on the buyer selling their own house).This can be problematic for the buyer who does indeed have a house to sell.
To stay competitive in a tight market, some buyers make the choice of securing a bridge loan (also known as a swing loan or bridge financing).A bridge loan covers the gap between the time a buyer closes on their new home and the time in which their old house sells.
A bridge loan can help you make a competitive offer on a property even though your first house has yet to sell.If you’d like this extra bit of negotiating leverage, lets get together to talk about your options.Let me know a good time to contact you.I look forward to helping you!
