Current market conditions have made selling a home easier than ever before. Experts say, however, it has also left fearful, would-be sellers searching for alternative means to get into a new house once becoming buyers amid the market competition.
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This is nothing new. Why doesn’t the seller just get a Bridge Loan from a lender in the area? Ours gives the seller his equity to purchase and pays off his old mortgage, and then gives him a year to sell his house. Also only one payment while he’s waiting. Then the bank recasts the payment when the seller brings in more funds when their home clears title. This way the seller knows where he’s going first. A lot safer all around.
So many have sold to reap the profits of this market, and then pay it back in rent because they can’t find anything.
Thanks for sharing Jordan! Great topic.