2 minute read
Don't Cross That Bridge Until You Come to It
- Henry Wadsworth Longfellow’s The Golden Legend (1851)
A bridge serves an essential and necessary purpose which is to allow you to safely get from one place, over a river or valley, to another safe place.
You may have heard how robust the real estate market is these days. We have a record low level of available homes, and those that do come on the market sell very fast, sometimes with multiple offers and over the asking price!
If you are a current homeowner, you might be thinking that this is an ideal time to sell, and you would be right! But what about finding a beautiful replacement home or condo? If you find that dream home, can you negotiate an offer that is contingent on the sale of your current home? Normally, the answer would be “yes,” but these are not normal times.
To be competitive in today’s market, a buyer simply cannot be successful with a contingent offer. Too many other buyers do not have a house to sell.
Fortunately, there is a way to “bridge” the gap between your current home and your dream home. Enter the Bridge Loan. A bridge loan is a tool that has been around for decades, but in previous years has not been all that necessary. Today, it is the way to take advantage of these unprecedented market conditions.
This tool’s advantages allow you to find and negotiate on your dream home before you put your current home on the market. Your offer does not need to be contingent on the sale of your current home.
Another practical advantage is that you can now control your current home’s closing date so that there is some overlap in the ownership of your current home and your new home. The extra time allows you to clean, paint, decorate your new home before moving in, and the moving process is also less hectic.
Why not merely explore whether this tool is something you might use? Give us a call to help establish your current home’s value, and then we can introduce you to our local bankers who are experts in Bridge Loans. They can explain the terms and provide actual numbers for you to consider. Of course, all of this is with no cost or obligation.
If you find the home of your dreams, be prepared to “cross that bridge when you come to it”!
Jonathan R. Krause
President, Gambino Realtors www.GoGambino.com | 815.282.2222
