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O/T - Buying and selling homes

just_tired's picture

Submitted by just_tired on Thu, 03/19/2015 - 2:26pm

Does anyone know what a bridge loan is, how it works and what happens if you can't sell the first house

Comments

thinkthrice's picture

Submitted by thinkthrice on Thu, 03/19/2015 - 2:31pm

I wasn't able to sell my first house so I became a "landlord by default"
This is especially so if your first house happens to be in a less than desirable area.

just_tired's picture

Submitted by just_tired on Thu, 03/19/2015 - 2:41pm

That's what we are afraid of, the house we currently have is to small and isn't in an area most people want. This is a house my DH had when we meet and now since we have custody of the kids we need better and bigger.

PokaDotty's picture

Submitted by PokaDotty on Thu, 03/19/2015 - 2:44pm

I would put in the contract on the new house a clause dependent on sale of your existing home.

misSTEP's picture

Submitted by misSTEP on Thu, 03/19/2015 - 3:49pm

I am so concerned that we will move into our new place and our place now won't sell. We have an agreement that states that we cannot rent out the place so we would be totally on the hook if it doesn't sell.

Vivian7's picture

Submitted by Vivian7 on Fri, 03/20/2015 - 4:57am

Never a good idea to buy before you've sold. But I'm funny like that... I don't make those big-dollar gambles.

kathc's picture

Submitted by kathc on Fri, 03/20/2015 - 2:23pm

I'm going to be perfectly honest with you here. Do not try to do a bridge loan. That's something we used to talk people into just to make a sale. "Oh, it'll be FINE...you'll sell the other house, don't worry!" You'll end up paying HUGE money for it and you'll more than likely end up screwed.