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Buying and Selling at the same time

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mreeves28xx Joined: 27 Oct 2008 Posts: 5 4.84 Dollars($)	Posted: Thu Aug 12, 2010 4:11 pm    Post subject: Buying and Selling at the same time Like 0 Dislike 0 Hi all, I currently have a Mortgage I have been paying on. I live in town and kind of have out grown my yard. I love the house, but I feel somewhat closed in. I found another house my wife and I both really like. I listed my home on the market as of yesterday in hopes of getting a quick buyer ( I know one can always dream) but I also want to move forward on the new property before someone else tries to snag it up. Can someone give me some direction or other options I could look at? My Realtor told me to think about a bridge loan. I got a idea on what they are but no idea on how to obtain it. The house I am looking at is a bank owned home. It is also $20k cheaper than the home I currently live in. It needs some cosmetic work, but it is well worth the asking price in my eyes. Realtor also told me I needed to pre-qualify prior to making any offers with the bank who owns the home. I had called them and was told that just because I currently already have a FHA mortgage they could not pre qualify me. They had also stated that I could find another lender to do what I want and if I get approved they would give me the letter I need. Problem I guess is two fold: A-who would be a lender to use and B- Should I try to get the Bridge Loan? If there is someoen who can help with this please feel free to offer some advice for me. Thanks in advance
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Thu Aug 12, 2010 9:16 pm    Post subject: Like 0 Dislike 0 Hi mreeves, It is not mandatory to use the same lender to buy the second property. You can contact other lenders and apply for a loan. Depending upon your credit score, income and debt to income ratio, you would be able to qualify for a loan. You need to contact the local lenders and apply for a pre-approval from them. You can use a bridge loan in order to meet your immediate financial obligation and try to get the new property in your name. Your Realtor can help you find a lender who can assist you in getting a bridge loan. _________________ Procrastination is the enemy of your financial success

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