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Open House Concerns

Q -  Recently in the news there was a report about property being stolen at an Open House.  Is this a common occurrence and can anything ...

6/28/11

Bridge Financing

Q- I saw a house that I would like to buy but I have to sell mine first.  Can I make an offer on the house I like and have the owners wait till my house sells?

A - Yes you can make an offer subject to the sale of your own home.  The contract will stipulate a time frame by which you have to sell your home.  For example, you may have 30 to 60 days or more to sell your home.  In the meantime, the home owner is still able to market his home. 

If he obtains a buyer who makes an offer on his home, you would be notified and would have to remove your conditions or forfeit buying that home.  You usually have 24-48 hours to do this depending on what has been written into the contract.

If the owner does not receive an offer during the stipulated time in the contract and you still need more time to sell your home, it may be in everyone's interest to extend the contract for another period of time.

If the home is the home of your 'dreams' and you do not want to lose it, check with your bank at the time you make your offer to see if you can arrange bridge financing.  Should you then require bridge financing, you would be in a position to remove the condition if another offer is being considered by the owner.  Be sure that your house is saleable in a reasonable period of time before you commit to bridge financing.


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