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Ralph Waldo Emerson-“The desire of gold is not for gold. It is for the means of freedom and benefit.”

Samir and Sabba had finally found a home that would give them some rest from the busy city and the noise.  They had been visiting with a builder who called them to let them know that he had a ready-made house that had everything on their wish list.   The first buyer was supposed to close in the next two and a half weeks but had backed out due to a family emergency. So if Samir and Sabba wanted the house, they would need to buy it right away, or the builder would have to take the next offer. 

How could Samir and Sabba close in two and a half weeks on the new home if they could not sell the old one yet? They would need to use a large amount of equity from the sale of the old house to put down enough on the new home to afford the new payment.   The answer for the Sader’s was getting an equity line of credit on their old house to use for a down payment on the new home.  The Sader’s story is one example of interim financing to bridge the gap until the old house sells.

Low Inventory-High Demand Causes Interim Financing To Be More Popular  

We are experiencing a record low number of homes for sale.  At the same time, low mortgage rates and rising rental rates are driving people into the homebuying market. It is normal to walk into multiple home purchase offers on the same house. The bridge loan and other interim financing tools are wildly popular because they allow the buyer to make a home purchase offer without having to make the offer contingent on the sale of their current home. 

Advantages of Using Bridge Type Financing

1. Your peace of mind knowing you aren’t forced to sell your current home before buying your new one.
2. Your offer is more competitive if you are not making the home purchase offer contingent on the sale of your old home.
3. Your comfort level on the financing on the new home is better since you used interim loan secured on the old house, giving you  proceeds to put a substantial down payment on the new home.  The large down payment on purchasing the new home lowers the permanent mortgage and the permanent house payment. You have your loan terms where you want it.  When you sell the old house, you pay off any mortgages and the interim loan that was secured on the old house. 

Disadvantage of Using Bridge Type Financing

The borrower is required to qualify with the lenders for all of the loans on the current home and the new home. 

The borrower is required to make the payments on all mortgages secured on the two homes.  

As a real estate professional, connect with other realtors and lenders to get familiar with the various types of interim bridge loan types that can help get your home buyer and home seller closed quickly and smoothly.

Posted On Monday, 02 August 2021 00:00 Written by

So many times, people will ask me why some people are far more productive than others? Why some people are more organized than others? How is it that some people get far more done in less time than others? Well, to me the answer is largely that people who do more, are much more likely to be more scheduled in their actions and activities than those who aren’t.

I learned early in my career from a well-established loan officer that you can spend all your time trying to remember what you were supposed to be doing next, or you could spend your time doing the things you needed to do. It’s a choice. 

Back then, we didn’t have CRM’s to auto populate tasks and activities into our schedule for us, but we could use a planner to schedule WHEN we had to look at or review something or when we were going to do things like appointments or prospecting. Just like high school, some days our schedule had the same classes at the same time, some days we had different classes at different times. Some days we had off! The point is, if you manage your high school schedule, you can create a work schedule for yourself as to WHEN you were going to do things on specific days and then just drop those tasks into the appropriate time slot each day. In the event an unscheduled event or opportunity presents itself, you can simply reschedule the other tasks accordingly.

I spend a good amount of time outlining this in the scheduling advantage on the website, but the gist of it is, always schedule yourself as to what you are going to do and when you are going to do it. It does take some work, but just like high school, you will adjust quickly and be able to get far more done in less time! 

You can proactively schedule your success, or you can reactively stress yourself on an almost daily basis. The choice is yours!

Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

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 SummerGoralikSummer Goralik is a Real Estate Compliance Consultant and licensed California Real Estate Broker (#02022805). Summer offers real estate brokers a variety of consulting services including assistance with California Department of Real Estate (DRE) audit preparation, mock audits, advertising review, and training. She helps licensees evaluate their regulatory compliance and correct any non-compliant activities. Summer has an extensive background in real estate which includes private sector, regulatory and law enforcement experience. Most recently, she worked for the Orange County District Attorney's Office as a Civilian Economic Crimes Investigator in their Real Estate Fraud Unit. Prior to that, Summer worked for the DRE for six years as an Investigator. Among many achievements, she wrote several articles for DRE, four of which were co-authored with former Commissioner Wayne Bell. Before she embarked on her career in government and law enforcement, Summer also worked in the escrow industry for nearly five years, for both an independent escrow company and broker-controlled escrow division. Aside from her consulting business, Summer is also an Instructor for The Escrow Training Institute.

Posted On Thursday, 29 July 2021 00:00 Written by
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