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Word of the day

Bridge Loan

1.    Short-term loan to cover the period between the termination of one loan, such as an interim construction loan, and the beginning of another loan, such as a permanent takeout loan; the loan between the acquisition of a property and its improvement or development to make it qualify for a permanent loan. A bridge loan is sometimes used to provide funds for the costs incurred in converting an apartment house into a condominium. (See gap financing, swing loan.)

2.    A residential financing arrangement in which the buyer of a new home borrows money and gives a second mortgage on the buyer’s unsold home to fund the acquisition of a new home. This loan is useful where the seller of the new home will not accept an offer “subject to the sale of the buyer’s home” or where the buyer needs to raise the down payment by a certain date or else lose the new home.

Association of the day

Pasadena Foothills Association of REALTORS

REALTOR Association Building of the Day...Pasadena Foothills Association of REALTORS.

Buildings are part of the culture of organizations. Think about government buildings, school buildings, banks...buildings impart a message to the community and its members. REALTOR Association Buildings are part of our REALTOR Culture.

When is the last time you visited your association? Have you ever visited other association buildings?

Quote of the day

What happens is not as important as how you react to what happens

How do you react to adversity? Life is full of stops and starts, frustrations and distractions. But don't let these daily confusions divert you from the excellent potential that is available to you every day. When you do encounter adversity, remember that keeping a cool head is always the right way to go. There's a solution to every problem, but's impossible to see it if you blow your top. 

Question of the day

Under an exclusive agency arrangement, the broker has a fiduciary arrangement with?

(A) The seller  
(B) The buyer  
(C) The seller and buyer  (D) The seller primarily and secondarily to the buyer

Answer:  (A)  The listing agreement creates an agency relationship between the broker and seller, referred to as a fiduciary relationship.
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