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Would you consider a bridge loan to buy a home in this economy?
Posted on 8/11/26 at 8:54 pm
Posted on 8/11/26 at 8:54 pm
Family and I are looking to buy a house but the seller is refusing a contingency for us to sell our house. Even refused a 1st right to refusal(kick out clause).
Only other option we have to secure this home that we truly like is to do a bridge loan. Spoke with two banking colleagues who work with me and both are against the idea. Sales in our neighborhood show that homes are closing within 30 days and our backyard is the biggest in the subdivision.
What do yall think?
Only other option we have to secure this home that we truly like is to do a bridge loan. Spoke with two banking colleagues who work with me and both are against the idea. Sales in our neighborhood show that homes are closing within 30 days and our backyard is the biggest in the subdivision.
What do yall think?
16
Posted on 8/11/26 at 8:55 pm to Donka Doo Balls
Don’t do it. Not worth it
Posted on 8/11/26 at 9:07 pm to Donka Doo Balls
i do real estate. i do deals. bottom line. never let emotions get in the way. you are not buying this to rent out? not buying to flip? you are buying to live in it? bridge loan for that? LOL. walk away man.
there are other homes. never get attached to a home. move on.
there are other homes. never get attached to a home. move on.
Posted on 8/11/26 at 9:25 pm to Donka Doo Balls
quote:It might work for a bit, but the bank will be pissed when they find out you used the loan to buy a house instead of a bridge...
Would you consider a bridge loan to buy a home in this economy?
Posted on 8/11/26 at 9:30 pm to Donka Doo Balls
The problem for the seller is that who knows how long it will take to sell your house could be six months or longer unless you price it right, and then what happens if your buyers want a contingency on them selling their home? I wouldn't accept that contingency either in this stale market. It wouldn't be that big of a deal if it was a hot market because they know your house would sell pretty fast
Posted on 8/11/26 at 11:47 pm to Omada
quote:was expecting your username to be El Gaucho. Well played.
It might work for a bit, but the bank will be pissed when they find out you used the loan to buy a house instead of a bridge
Posted on 8/12/26 at 6:06 am to Donka Doo Balls
Don’t do it ….. the timing is horrid … too risky
This post was edited on 8/12/26 at 6:11 am
Posted on 8/12/26 at 6:37 am to Donka Doo Balls
quote:
Only other option we have to secure this home that we truly like is to do a bridge loan
Why is it the only option? Do you have equity in your current home?
Planning to buy a home contingent on your current house selling is a bad plan also, unless I was extremely desperate in a major buyers market I wouldn’t sell with a contingency either.
You need to list your home for sale and work on a temporary living situation if you really want to move.
Or do something like a cash out refinance to purchase the new home, move, and then sell the old one.
There’s really no perfectly clean way to buy a new home and sell the old one. Its going to cost you basically no matter what you do.
Posted on 8/12/26 at 7:49 am to Donka Doo Balls
You put the house on a pedestal. Never put the house on a pedestal.
Posted on 8/12/26 at 8:46 am to Donka Doo Balls
If you want to move regardless, then put your home up for sale. Once you sell it, then make an offer on another house.
A seller might consider a contingency if you already have an offer on your house. Otherwise, I would move out and then buy another house. You can live in a furnished Airbnb for a couple of months (with your household belongings in a POD) while looking for another house. Who knows, the house you just offered on might still be on the market.
A seller might consider a contingency if you already have an offer on your house. Otherwise, I would move out and then buy another house. You can live in a furnished Airbnb for a couple of months (with your household belongings in a POD) while looking for another house. Who knows, the house you just offered on might still be on the market.
Posted on 8/12/26 at 8:59 am to Donka Doo Balls
If you can’t pay cash you can’t afford it
Posted on 8/12/26 at 10:07 am to Donka Doo Balls
Not a chance in hell. Lots of inventory. Just make it contingent, if they won't take one, hold out.
Posted on 8/12/26 at 10:38 am to Fat Bastard
never let emotions get in the way
--
Easier said than done when it will be your domicile.
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Easier said than done when it will be your domicile.
Posted on 8/12/26 at 11:10 am to Donka Doo Balls
If you can’t afford to pay cash, you can’t afford it.
Posted on 8/12/26 at 11:50 am to Donka Doo Balls
quote:
Would you consider a bridge loan to buy a home in this economy?
Do you have to pay it back if you jump off the bridge?
Posted on 8/12/26 at 4:09 pm to Donka Doo Balls
i know someone that just went through the same thing. She did a 60 day rollover from her IRA to free up cash and put the cash back in when her house sold. It's not for everyone but works if you know the house will sell quickly or you can HELOC the new home to put cash back in the ira
Posted on 8/12/26 at 9:02 pm to Donka Doo Balls
I think it depends. If I found a house I really wanted I’d probably do it. Homes in my neighborhood are getting multiple bidders above asking before there’s even an open house.
Posted on 8/13/26 at 5:35 am to Donka Doo Balls
quote:
Spoke with two banking colleagues who work with me and both are against the idea.
Posted on 8/13/26 at 10:06 am to Donka Doo Balls
I did take out a bridge loan to buy a house. I wouldn't recommend it, unless you have enough savings to pay both notes for a few months.
It was a deal on a house that I couldn't pass up, it had been under contract. For whatever reason it didn't work out and the sellers were living out of state, they were selling it at a steep discount.
It sucked for the first month but once we sold the house, we were able to use the equity to pay down the principal and converted to a lower rate with a 15 year note.
It was a deal on a house that I couldn't pass up, it had been under contract. For whatever reason it didn't work out and the sellers were living out of state, they were selling it at a steep discount.
It sucked for the first month but once we sold the house, we were able to use the equity to pay down the principal and converted to a lower rate with a 15 year note.
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