Historically, the top months for Sellers to list their homes has been April, May or June. Even though we find ourselves in a “Sellers’ Market”, these months remain more appealing simply because they might allow for a closing that coincides with the school year. If you are considering taking advantage of the 2018 “real estate season”, it is time to examine your best mortgage options and prepare for the unexpected.
One of the unexpected obstacles some buyers face is they find their dream home before selling their present one. But, fear not, a Bridge Loan can rescue you from this dilemma!
Bridge Loans are preferred over a contingency offer, especially in a hot real estate market. With a Bridge Loan the buyer can make a clean offer assuring the seller he has a firm commitment to the deal. Bridge Loans are short term loans, usually of 12 months duration. This type of loan generally gets paid off with longer term financing from the sale of the existing property. As the nomenclature implies, it provides a “bridge” from one transaction to the next.
At Sun Pacific Mortgage we have funded many of these loans and often saved transactions from the “dead deal” pile. Give us a call at 707-523-2099 to explore the many ways we might assist you with your next real estate opportunity.