RealTown

Community

RealTalk

Foreclosure

Negotiating bridge loans on homes that are not selling

RealTown's RealTalk

Back

Create New Discussion

Digest Archive

Negotiating bridge loans on homes that are not selling

Created by:

Carol Capra, e-PRO, Licensed Real Estate Broker, Spokane, WA

Date: December 1, 2008, Number of Replies: 3

View Profile

To Top

Quote

Cherie Young Information Technology, Ramona, CA

Date: December 1, 2008

I think you meant to add something here. I want to see your ideas on bridge loans for homes that are not selling.

Cherie Young
Real Estate Web Designs
760.782.0103

point2, advanced access, real estate web designs, custom web designs

To Top

Quote

Jim Lee Licensed Real Estate Broker, Knoxville, TN

Date: December 2, 2008

In the real estate context a bridge loan is basically an equity loan against other assets such as your current home, that enable you to buy another house without selling your present one.

The danger in getting a bridge loan is that your current home either doesn't sell right away or doesn't sell for enough cash to the seller and they end up paying on both loans.

Sellers need to be strong enough financially to carry both mortgages until they can repay the bridge loan.

To Top

Quote

Rich Hudson Information Technology, San Diego, CA

Date: December 3, 2008

If you are looking for definitions of real estate terms, a great resource is the Word of the Day feature on the RealTown homepage. For example, http://www.realtown.com/words/bridge-loan

Each day there is a new term and you can link to a directory of terms, The "Word of the Day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.

Rich Hudson
Director of PR/Marketing
InternetCrusade
(619) 283-7302 Ext. 602
Rich@InternetCrusade.com

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Jim Lee Licensed Real Estate Agent Knoxville, TN

December 2, 2008 6:50 AM

In the real estate context a bridge loan is basically an equity loan against other assets such as your current home, that enable you to buy another house without selling your present one.

The danger in getting a bridge loan is that your current home either doesn't sell right away or doesn't sell for enough cash to the seller and they end up paying on both loans.

Sellers need to be strong enough financially to carry both mortgages until they can repay the bridge loan.

To Top

Quote

Reply to Discussion:

RealTown Login

Join RealTown

Single Sign-On

Request Password

Username
Password
Login to:
Remember Me