KING OF REAL ESTATE .ca

Should I Buy or Sell first? (Bridge Financing)

04/22/2010

2 Comments

 
The dilemma as to whether to sell my property first and then buy or vice versa exists forever in Real Estate. The worst outcome of wrong decision on this issue could be that both properties are not closing on same time. Many solutions are offered for this problem. One of the options that might help you in this decision-making could be "Bridge Financing". In this video, James interviews Salman, a National Bank Representative, on how to bridge the gap between two closing dates.

 


Comments

John
05/20/2010 07:29

Buy first or sell first? The eternal question Many people are able to time their sale and purchase
so they happen on the same “closing date”. Buyers can make their offer “conditional’ on the sale of their
existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to
extend the ‘closing period” to give yourself more time tofind your next home. REALTORS® are very skilled at this
sort of negotiation, and can make your transitional life a lot easier.
(CREA)

Reply
jen
05/20/2010 08:13

Buy first or sell first? The eternal question.
Many people are able to time their sale and purchase so they happen on the same “closing date.” Buyers
can make their offer “conditional’ on the sale of their existing home, to make sure they’re not
left paying for the upkeep of two homes. When selling, you can try to extend the “closing period”
to give yourself more time to find your next home. REALTORS® are very skilled at this sort of negotiation,
and can make your transitional life a lot easier.
If you find your new dream home before you’ve even started to sell your old one.
Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when
your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you
the down payment for your new dream home.
(CREA)

Reply



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