U
/u/klutchx4
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First off, we are looking to move 2 hours away state to state closer to family. There is a week or two of time where we can live with relatives and store our belongings there or in nearby storages
My home is ready to be put up for sale, it’s market value is around 510k, I owe 295k on it. I’m currently working with a realtor locally to deal with the selling of my home.
The home I’m interested in, is a family friend and great property. The owner is willing to sell privately without going through a realtor to potentially save on closing costs and headaches of showings, offers, etc. The kicker is he wants to have the house sold and closed by end of July. He’s wanting around 400k for this home.
I’ll make a decent net profit off the sale of my current home and I want to use those funds to put around 35-40% down on the new mortgage. What’s the best approach? If i get a bridge loan does that roll into a conventional loan with what I’m looking to use as a down payment? What are typical fees with a bridge loan? Can I get pre approved for a conventional mortgage before selling my current home and explaining the situation?
I am confident I can list my current home and have an offer within a week, since it’s a hot market area. My biggest hold up is making sure I can sell cleanly, get the funds, and get the new mortgage before the seller’s timeframe.
I will discuss with my realtor but just looking for extra advice since this is sort of a rare situation.
submitted by /u/klutchx4
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Bridge Loan or Sell First?
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My home is ready to be put up for sale, it’s market value is around 510k, I owe 295k on it. I’m currently working with a realtor locally to deal with the selling of my home.
The home I’m interested in, is a family friend and great property. The owner is willing to sell privately without going through a realtor to potentially save on closing costs and headaches of showings, offers, etc. The kicker is he wants to have the house sold and closed by end of July. He’s wanting around 400k for this home.
I’ll make a decent net profit off the sale of my current home and I want to use those funds to put around 35-40% down on the new mortgage. What’s the best approach? If i get a bridge loan does that roll into a conventional loan with what I’m looking to use as a down payment? What are typical fees with a bridge loan? Can I get pre approved for a conventional mortgage before selling my current home and explaining the situation?
I am confident I can list my current home and have an offer within a week, since it’s a hot market area. My biggest hold up is making sure I can sell cleanly, get the funds, and get the new mortgage before the seller’s timeframe.
I will discuss with my realtor but just looking for extra advice since this is sort of a rare situation.
submitted by /u/klutchx4
[link] [comments]
Bridge Loan or Sell First?
Continue reading...