Tips for Selling your House

Tips for Selling your House
Evelyn Greenwoo…:
Do you feel that it’s time to move up to a larger home? Have you been feeling cramped in your current home and need more room to breathe? We have all definitely spent more time at home this past year and more people are working from home than ever before. I too have spent a great deal at home for work and play in the past year. My name is Evelyn Greenwood with Fathom Realty and I’ve helped many people move up from a smaller home to a larger home. There’ve been a multitude of reasons that I have seen from just needing more room for office space, to needing an extra bedroom for an elderly parent or a growing family. Some people do not want to buy and sell at the same time due to the stress of coordinating several deadlines at one time, like back-to-back closings for selling a home and buying a home.

Some people find their dream home and do not have a current home sold. This exact thing happened to me and my husband years ago. I found the perfect home for us while driving my favorite neighborhood and I had to have it. And I knew that we would be expanding our family soon and we needed more space. We had not even prepared a home for sale, so we used a bridge loan. What is a bridge loan? According to Investopedia, a bridge loan is a short-term loan, used until a person secures permanent financing or removes an existing obligation. It allows the user to meet current obligations by providing immediate cash flow. Bridge loans are short-term, up to one year and have higher interest rates and are usually backed by some sort of collateral, such as real estate.

If this is something that you would like to consider or learn more about, you should speak with a lender. You may qualify for this options. What are the benefits, you may ask? Well, in this seller’s market that we’re facing now, houses are selling rapidly and for full price. Financing contingencies, such as requiring the sale of a current home in order to purchase a new home are being pushed to the back of the line by sellers for buyers who do not have to sell a home first. So, the first benefit of using a bridge loan is that it helps you compete for the home with those same buyers. And since it is a seller’s market, you should be able to sell your home in a reasonable amount of time without feeling rushed, to take any offer that comes along. So, it really adds to your negotiating power in selling your home too.

What are the disadvantages? You do pay a higher interest rate on the bridge loan and will incur more closing costs than if you did the back-to-back closing. Some of these costs could be justified, since interest rates are so low right now, that you will most likely have a lower interest rate than on your existing home right now. This could change in the next few years, of course. Does this sound like an option for you? Are you ready to move to a larger home? I would love to help you in any way possible, even if it’s only to get you a comparative market analysis or CNA on your current home, or to get you contacts for lenders who may do these types of loans. As always, no obligation from you whatsoever. I’m Evelyn Greenwood. And remember, everyone deserves a happy home.
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