We just got ourselves an extension of two more weeks so we have more time.

[Toymeister]

So, you got 15 day extension to your TQSE (temp qtrs) simply by asking. See isn't that easy?

As far as the bridge loan goes, are you sure you can qualify (not everyone can)

You are wise to be wary of bridge loans. I would worse case the situation out. From this point you can make a educated decision Worse case is your Quad City home does not sell and you have 2 payments. At that point, you should know your options. Despite urban myths to the contrary 'walking away' i.e. foreclosure can be difficult if you lived in a recourse state and/or if your mortgage on your Quad City home is a purchase mortgage or a refi.

You know the market in your former home town: what do you think? will your home sell quickly? Are you willing to accept the risk that it will not sell?

Another element to the picture is your spouse can get a loan against his TSP and it will not appear on his credit report nor will it be visable to the banker at mortgage application, although I would not recommend this.

[HB2HSV]

Originally Posted by wls2624

I don't know...bridge loans scare me.

... and it should!

No need to be in a hurry to buy a place. It is wise to be conservative on the cash flow in today's economy (in any economy actually). No matter how they 'pump' the local market, real estate is not about to shot up sky high price wise real soon. Anyone who's trying to 'rush' you is selling you a bridge to nowhere.

Rent a house/ farm first, take your time and get to know the area and the real estate market. When you're ready to buy, you'll know better on various neighborhood as well as market price, and will be in a much better position to negotiate for the best price (best qualification, no another mortgage and qualify for lowest interest rate, etc.), and the most ideal location for you & your family.

[wls2624]

Originally Posted by Toymeister

So, you got 15 day extension to your TQSE (temp qtrs) simply by asking. See isn't that easy?

As far as the bridge loan goes, are you sure you can qualify (not everyone can)

You are wise to be wary of bridge loans. I would worse case the situation out. From this point you can make a educated decision Worse case is your Quad City home does not sell and you have 2 payments. At that point, you should know your options. Despite urban myths to the contrary 'walking away' i.e. foreclosure can be difficult if you lived in a recourse state and/or if your mortgage on your Quad City home is a purchase mortgage or a refi.

You know the market in your former home town: what do you think? will your home sell quickly? Are you willing to accept the risk that it will not sell?

Another element to the picture is your spouse can get a loan against his TSP and it will not appear on his credit report nor will it be visable to the banker at mortgage application, although I would not recommend this.

Yes! Easier than I thought, that's for sure. The market is pretty good here yet, a little soft, but things are moving. Average time on the market is 4 months in our area. We are at a little over two months right now. We are getting lots of activity too. We had five showings last week. I'm sure it will sell. It's only five years old, mint condition...I'm obsessivley clean. We are only five minutes from all the new, popular stores, we are in the best school district in the area. They are building a new elementary school at the end of our street. I'm sure it will sell, just not sure when. However, Now would be nice!