Buying & Selling a Home at the Same Time? A Windermere Bridge Loan Can Help You Do It!
Many people who are buying a home need to sell their current home in order to finance their move. This means that you will likely need to make an offer on a house that is contingent on your current home selling. In this extremely competitive real estate market, however, it can also be near impossible to get an offer with contingencies accepted.
That’s where the Windermere Bridge Loan comes in.
With the Windermere Bridge Loan from Vintage Loans, LLC, you can make a non-contingent offer on the home you’ve got your eye on. This will make your offer more attractive to sellers, and you don’t have to risk losing out while waiting for your current property to sell.
Here are a few examples of our Windermere Professional Partners REALTORS® helping their clients take advantage of the Windermere Bridge Loan:
Competing Without Contingencies
REALTOR® Greg Devey’s buyer clients were so excited—they had their contingent offer accepted on their dream home in Gig Harbor. However, just 3 days after they went mutual, Greg received a bump notice from the seller’s agent. (If an offer contains a contingency, a “bump clause” allows a seller to accept the offer but continue to receive additional offers. If another offer comes in that doesn't have the same contingency as the first offer, the first offer can be “bumped.” If the buyer with the first offer doesn’t waive the contingency, the seller can accept the other offer.) In this situation, the sellers told Greg’s clients that if they were to waive the contingency, they had to agree to close in 20 days with no extensions allowed. The newer offer was all cash and could close in 20 days.
The lender that Greg’s buyers were using told them that they would need to walk away from this purchase. They needed to close on their current home first before they could fund their new purchase, and they had just gone live on the sale of their current home.
Greg immediately called Jenn with Penrith Loans and let her know the situation. Greg asked Jenn if she could help him secure a Bridge Loan for his buyers, and then start a new VA loan for them. Jenn was up for the challenge, so Greg and his buyer clients waived the contingency. The listing agent thought they were crazy; she said there was no way they could pull this off and start from scratch, and she asked them to just terminate the agreement so Greg’s clients didn't lose their earnest money.
Greg worked with both Jenn and Nellie on the Bridge Loan, and it was so easy. Greg put the CMA on the current home together and got it approved by Kevin Mullin in just one day, allowing Nellie to quickly secure the funds needed for Greg’s buyers to purchase the house. In the meantime, Jenn was working diligently on the new VA loan. She was able to complete the entire loan process and Greg closed on his buyers dream home in 20 days.... in record time!
The seller's agent, who had been in real estate for over 20 years, said she has never seen a loan get started and approved in such a short amount of time. None of this would have been possible if it weren't for the Windermere Bridge Loan and local Penrith Home Loans team Nellie and Jenn!
Moving Out of State
REALTOR® Jan Smilie was representing a seller who was an older gentleman moving from Tacoma to Montana, and before he listed his home in Tacoma with Jan, he found his perfect home in Montana. The home in Montana was less than the price he was planning to sell his current home for, so he made a cash offer on the home, just knowing his Tacoma home would sell in a few days.
Unfortunately he did not take Jan’s advice on the list price for his Tacoma home, and insisted on listing it for an additional $50,000 over Jan’s recommendation. The home ended up sitting on the market longer than the seller anticipated, and they had to eventually do a price reduction.
When the Tacoma home was finally under contract, the closing date was going to be much later than the closing date on his Montana purchase. And unfortunately, there was a backup offer waiting in the wings to swoop in on his dream home in Montana. Jan arranged a Bridge Loan for her seller client, and she was surprised how easy the process was and how quickly the transaction was able to happen. Jan and her seller client even became friends, and they chat on the phone every now and then. He still comments on the excellent service from WPP—we always love hearing that!
REALTOR® Erin Goodwill recently had a situation where her client wanted to downsize from a large home with acreage to a smaller home. Erin’s seller’s husband had just passed away, and she knew the property was too much for her to manage on her own. She needed to sell this home to qualify to buy a new home.
In this intense market, it is nearly impossible to get a contingent offer accepted, so Erin suggested they try a Bridge Loan. This project worked wonderfully for Erin’s client; they were able to find her a place and make a cash offer. She was able to move in at her own pace, and they had time to get her home ready to list. Windermere’s Bridge Loan program took so much stress out of the whole process, and they were able to sell her home for well over asking price. Erin’s client paid off her Bridge Loan, and she is mortgage-free!
More Information on Windermere Bridge Loans
Here are a few more details about Windermere Bridge Loans:
- The amount you owe on your home, plus the bridge loan, cannot be more than 75 percent of the value of your current home. The approval process by Vintage Loans, LLC takes only a few days.
- The loan fee is just one percent of the loan amount, due upon disbursement of the loan.
- No payments are necessary on the loan before your home closes unless you choose to make a payment.
- The principal and interest are due when the home closes, or six months following disbursement, whichever comes first.
The Windermere Bridge Loan is fast, easy, and it’s at your fingertips, ready to help you get into your new home!