Special offer
Sally K. & David L. Hanson, WI Real Estate Agents - Luxury - Divorce  (EXP Realty 414-525-0563)

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Rainmaker
432,957
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

No I encourage sellers to use a HELOC to buy then sell if this is the route they choose to go.  It is definitely not as scary and it is an interest only loan that can be paid off at closing.

Jan 09, 2016 02:20 AM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

There has been some mention, but we have yet to have a client use one.

Jan 08, 2016 10:08 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not seen it.

Jan 08, 2016 08:49 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

No

Jan 08, 2016 08:49 PM
Rainer
42,670
Fred Hafdelin
Weichert Realtors - Mountain Lakes, NJ

No I have not. 

Jan 08, 2016 08:30 PM
Rainmaker
846,475
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

I have not seen this but my market is atypical.

Jan 08, 2016 07:06 PM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I think, they never went away. I just had a Cross-Collateralized Mortgage loan with properties in different counties. 

Jan 15, 2016 05:13 PM
Rainer
16,795
Bill Polack
First Option Mortgage - Suwanee, GA
Bilingual Spanish Loan Officer in Southeast US.

I've had a few requests over the last few months. There are lenders out there who still do bridge loans. I'm not one of them. The upside to the bridge loan is that most lenders don't allow a refinance type loan if the property is on the market. The downside is the cost to do a bridge loan can be upwards of $5000 or more. Most bridge loan lenders will be private money, hard money or conventional money with a hefty fee if not sold within 6 months. With loan programs available at 5% down, this product is mostly used on Super Jumbo loans.

Jan 14, 2016 06:07 AM
Rainmaker
5,868,554
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Have not seen any. 

Jan 10, 2016 04:55 AM
Rainmaker
2,759,812
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Sally and David, our problem is lack of inventory.

Jan 09, 2016 06:29 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Sally K. & David L. Hanson most of my seller/buyer do not go ahead with the purchase before selling the home - or they just coincide the two.

So, I have not come across this - however, it may be happening in our market.

Jan 09, 2016 03:15 PM
Ambassador
6,393,609
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Have not seen it used in this way but for investors this has been a popular financing tool all along.

Jan 09, 2016 01:22 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

If the buyer is strong I have seen banks willing to extend this type of financing. I still see a reluctance on the part of the buyers to leverage that far but some are doing it and taking the chance.

Jan 09, 2016 12:19 PM
Ambassador
3,383,334
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Funny you post this question.  I just had a listing agent suggest one to my buyers who have a home sale contingency.

Jan 09, 2016 09:03 AM
Rainer
2,665
Lori Lesnansky
Keller Williams - Flower Mound, TX
Experience More... with DFW Real Estate Leader

Great questions, our team has not seen an uptick in Bridge Loans in the Dallas/Ft. Worth, Texas market.  However, this is a good tool to use depending on the circumstances of a seller desiring to move into a new home, before their current home sells.  

Jan 09, 2016 07:24 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I haven't seen them myself yet, down here.

Jan 09, 2016 05:01 AM
Ambassador
3,164,294
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I never recommended them, still don't.  Won't write an offer where that's what buyer is doing to buy.

Jan 09, 2016 05:00 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

we have NOT seen that....but that would be a welcomed addition!!

Jan 09, 2016 02:40 AM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

No. I am not. I don't see a need for them in my market. Who knows, that may change.

Jan 09, 2016 02:18 AM
Ambassador
3,727,873
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

I haven't had a client use one in a while.  But you are right that you can't go into a bidding war with a sale of house, or even settlement of house, contingecny.

Jan 09, 2016 12:15 AM
Rainmaker
7,836,164
Roy Kelley
Retired - Gaithersburg, MD

This is a good question but I am not up to date on the use of bridge loans in our market.

Jan 09, 2016 12:14 AM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Not a big return

Jan 09, 2016 12:10 AM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

In Erie, yes, but it depends on strength of buyers.

Jan 08, 2016 11:51 PM
Rainmaker
1,661,936
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

We have not dealt with one in a long time.

Jan 08, 2016 11:39 PM
Rainmaker
617,935
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Sally & David,
I haven’t had a client who needed one in some time. Good to hear they are back.

Jan 08, 2016 11:06 PM
Rainmaker
5,005,659
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Yes. Just had a seller take one out so they could sell, close on another, move out and then put their home on the market. They did it so they didn't have to touch their assets which are considerable.

Jan 08, 2016 10:26 PM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I havent but wish i would. It is a great tool to allow people to move on or move up

Jan 08, 2016 09:54 PM
Rainmaker
4,333,772
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

I didn't think these weren't available anymore...

Jan 08, 2016 09:32 PM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Heck no. I don't even think they offer them any more in the old style they once did. I know that many lenders pulled any sellers availablility to their equity loans many years ago - I was one of them.

My area is not back to normal yet really.

Jan 08, 2016 09:23 PM
Rainmaker
5,216,409
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

No, but in my current area most people are cash buyers!

Jan 08, 2016 09:09 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I just spoke with an agent who indicated her sellers had gotten a bridge loan until their home sells. But I never heard much about them even previous to the market downturn. I don't think lenders liked these very much ever.

Jan 08, 2016 09:03 PM