Question: I have just found a buyer for my home, but he cannot close the purchase for three months. The replacement home I am buying has a closing date in only one month. In other words, there is a two month lag between the time I need the cash to purchase the replacement house and the time I will get the cash from the sale of my present home. Where do I go from here?
Answer: An experienced Realtor can often arrange interim financing, or what is known as a “bridge loan”, for you. The money is advanced by your bank on a short term basis with interest computed daily. Your equity in your present home is the loan security.
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