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Real Estate
Reply to "Bridge loans"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Why not get a mortgage on the 2nd house and pay it off when you sell your first one? That's what we did.[/quote] Not OP but cash is helpful when you need to win a bidding war.[/quote] This is often true but it depends on what the seller values. Cash is helpful if all else is equal, but often it's not. We selected one of the offers that needed a loan over a cash offer. The buyer getting the loan had a higher offer price (with proof of funds, pre-approval, no financing contingency, inspection for informational purposes only), and we valued price above all else. For a different sale, we sold off market to a cash buyer for the asking price. They wanted a 2 week closing, but we couldn't move out that quickly. We wouldn't have cared if they were in good financial shape and needed a loan.[/quote]
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