Buying & selling at the same time
Bridging loan: You’ve probably heard the term, particularly if you are in the process of buying a property, but need to sell another one to finance it. But, is it possible to confidently buy before you sell your existing property?
This is the eternal dilemma. And it’s now made even trickier by this unpredictable housing market. But, while Haas Associates can’t advise you on which path to take, Derek can lay out the financial realities of all your options.
How much you can spend on your new property? What funds will you need to have available for a deposit? And if you do consider a bridging loan or relocation loan, what will that mean to your everyday budget?
This can be really a stressful time for clients. With Derek’s knowledge and experience, buying and selling can be a lot easier.
Talk to Derek about buying and selling at the same time
What is a bridging loan?
You’ve found the house of your dreams, but you still haven’t sold the property you live in.
In a relatively “hot” real estate market, where demand exceeds supply, buyer clauses such as “subject to sale” are less attractive to sellers, who may have many other interested parties ready with cash offers, or offers with fewer conditions.
One alternative is to consider a bridging or relocation loan.
A bridging loan is a short-term loan to cover the period between buying your new property and selling your existing one.
A good broker will help you understand the pros and cons of a bridging loan and direct you to those with conditions and rates that are most favourable to you.