Ask any real estate agent doing business in the D.C. metropolitan area, and they will tell you it is almost impossible to make a competitive offer to purchase a home if you must sell your existing home first. Contract offers contingent upon the sale of an existing home are often dismissed right out of the gate. And why wouldn’t they be?
If a seller has multiple offers to purchase, at or above asking price, and some of the offers are not contingent upon the sale of any other property, the seller would generally not give much — or any — consideration to a contract offer which is contingent. So how do buyers position themselves to purchase without first selling? Bridge financing may be the answer. Many lenders do not provide bridge loans, but some of us do.Continue reading “Using bridge financing to purchase a home without selling first”