If you (or someone you know) has been saying, “I want to move, but I can’t right now because I have to sell my home first.” then this message is for you.
It’s a competitive market right now for buyers. For people that currently own a home that needs to be sold first, it is a Catch 22.
Let’s face it. If the people who want to sell right now, but are afraid to actually put their houses up for sale, then we’d have more inventory for the buyers to purchase.
No sellers in their right mind and in this market would accept an offer that contains a home sale contingency.
On the flip side, if you sell your house first but haven’t found a new home to buy yet, then you might be temporarily homeless!!!
What is a person to do?
The answer is a bridge loan. Tod Merson and Union Home Mortgage offer a proprietary Bridge Loan that can now help qualified people move forward and make an offer on a home purchase with 20% down, or more, and no home sale contingency.
What is wrong with a home sale contingency? When you put a home sale contingency into an offer, you are basically telling the seller, “If I can’t sell my home, then I’m not obligated to buy yours.” That is a BIG risk for a seller, especially if they have other offers that they can select from. End result: your offer gets rejected.
Wait, but I don’t have 20% to put down. Maybe you don’t… or perhaps you do.
- The 20% doesn’t have to all come from your savings.
- Some of it might already be in the equity of your current home.
- You might even be able to receive gift money!
So, when it comes to making a move and taking advantage of the LOW LOW LOW interest rates happening right now, you might have more options at your disposal than you realize.
The bridge loan makes it easier for you to:
- Not stress about timing the sale of your current home
- Not stress about timing the purchase of your next home
- Not stress about having to be temporarily homeless in the middle
- Have a higher chance of the offers you write of being accepted
If this sounds like it might work for you (or someone you know), please let me know. Or, if you have any specific questions about the program itself, you can reach out to Tod. He can be reached at:
Tod Mershon
Union Home Mortgage
Producing Area Manager
NMLS # 20655
T/F: (908) 279-0600
C: (908) 295-1368
tmershon@uhm.com
www.uhm.com/tmershon
2111 New Road Suite 103
Northfield, NJ 08225
