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Appreciate it, that's what I thought!
Any ideas on the other questions anyone?
I did a bridge loan, because we found 'our dream' new place BEFORE our old home was 'ready' to sell.
The bridge loan IS essentially a 2nd mortgage, interest only, short-term.
We negotiated and got a GREAT deal on the new place - and knew bridge loan would stretch us to the limit - and it has. Having to scramble doubletime now making everything happen - but was expected. I is/has been difficult - but know that its worth it, and know we've locked in a place thats now worth 25% more a year later (it has a number of acres of land included!).
Only suggestion I'd make is SINCE you are considering moving, start your 'doubletime' NOW on your old place (to get it perfect/ready to sell fast) so that when/if you find a perfect place you can for sure make it happen and not have to 'pass it up' cause you're not ready and not willing to take pain of 2x mortg.
Do your best NOW to sell first; you can always request a 2-week 'rent-back' on old house to help transition into new without having to put everything into storage ,etc.
Don't forget the tax angle of selling your house within a year, particularly rules for capital gains.
Personal experience. Sometimes you do make money, at least on paper, even counting the closing costs. And that is what the IRS looks at. Of course if you have a mortgage you do lose overall.
I did a bridge loan, because we found 'our dream' new place BEFORE our old home was 'ready' to sell.
The bridge loan IS essentially a 2nd mortgage, interest only, short-term.
We negotiated and got a GREAT deal on the new place - and knew bridge loan would stretch us to the limit - and it has. Having to scramble doubletime now making everything happen - but was expected. I is/has been difficult - but know that its worth it, and know we've locked in a place thats now worth 25% more a year later (it has a number of acres of land included!).
Only suggestion I'd make is SINCE you are considering moving, start your 'doubletime' NOW on your old place (to get it perfect/ready to sell fast) so that when/if you find a perfect place you can for sure make it happen and not have to 'pass it up' cause you're not ready and not willing to take pain of 2x mortg.
Do your best NOW to sell first; you can always request a 2-week 'rent-back' on old house to help transition into new without having to put everything into storage ,etc.
Thank you for the input. I am doing exactly this, albeit slowly, but concentrating on the more 'important' things. If we end up selling down the road, it will be prepared as best as we can get it. If we don't, well we still did work to the home!
I hope that works out for you (which it seems as it has been) and I would consider the same, but would lean towards the rent back. Of course we all know things don't always wok out as planned.
Personal experience. Sometimes you do make money, at least on paper, even counting the closing costs. And that is what the IRS looks at. Of course if you have a mortgage you do lose overall.
Think the timing has to be right for this to happen (or a flip) especially in a short time frame. More power to you if that's the case. I think personally we will give it about 2 - 2 1/2 years (depending on family things, job outlook, etc..) and go from there.
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