Do "Swing Loans" still exist? (contingent, sales, price)

[MI-Roger]

My wife and I have been in our home for close to 40 years so we have no recent experience with home sales. Our youngest is selling his home here in Michigan (received two above listing price offers after only one day on the market, with convenient terms) and relocating to Pittsburgh where he will be starting work July 1st.

He intends to buy a home in Pittsburgh, is working with a Pittsburgh Realtor, and he and his Fiancee will be travelling there in 10 days to start the in-person search. One complication may be the timing between the two closings.

Back-in-the-Day (i.e. 40 years ago) there were "Swing Loans" which allowed the buyer to borrow the down-payment from the equity return realized from the sale of the previous home, if the funds were not available in time for closing on the second home. Typically only a 30 day loan.

• Do these loans still exist?
• What is their current name?

Thanks,

[SouthernSusana]

They still exist. They are called bridge loans.

I'm not a realtor so that's all I know from personal experience.

[Diana Holbrook]

Might be called bridge loans. I've not had a client yet who could take advantage of one... we always have to do contingent offers and very carefully scheduled closings (and a lot of prayers) to make the whole thing work.

[MI-Roger]

Bridge Loans. Yes, thank you!

He told us today that he is in good shape financially and will not need this type of loan. We were pleasantly surprised to hear this.

Thanks again.