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•SmnSn Eileen M. Day mm.ro*
INTERIM FINANCING
One bugaboo in real estate transactions can easily crop up when there is more than one sale involved and the sale of the first property will be needed to provide the proceeds for the purchase of the second property.
For example, say you have signed an agreement for the sale of your present home. The closing date is set for three months from now. You want to buy another house, but the owner wants to close in just one month from now because he is moving out of state. You will need the money from ^ille sale of your old house to finalize the purchase of your new one - BUT - there will be a'two month gap before you get that cash that you will need. Is there any way out of this dilema?
There is. An experienced Realtor can often help you arrange interim financing, known as a bridge loan, to get the funds for the purchase The money is advanced by the lending institution on a short term basis. Your present home equity would be used as security for the loan.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 673-3400. We’re here to help.
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