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Real Estate tj|S
Eileen M. Day REALTOR
THE JUGGLING ACT Few of us grow old in our first home. We move when we need more space, or less space, when were transferred, or sim ply want something a little nicer or different.
The decision to change homes is not a casual one. Sell ing one home and buying an other involves both potential profit and financial risk. It also in volves some juggling. You'll be simultaneously a home seller (and buyer. Nothing new about this. All tradeups are in this cat
egory. We handle this situation I all the time.
if you’ve made an absolute decision to buy the new house but must have the cash out of your old house for the down payment, you don't have to wait to close your sale. Many lenders offer bridge loans for the amount of equity in the property you are selling. These loans are gener ally written for 90 days, with op tions for extensions if needed. Unlike a mortgage, a bridge loan doesn't require monthly pay ments. The interest simply accu mulates and you pay off both principal and interest when you close the sale of your property.
If there is anything we can ,
do to help you in the field of real ( estate please stop in at EILEEN M DAY. Realtor, The Clopton House. Washington, Va. 22747 Phone 675 3033 Were here to help.
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