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I used a bridge loan to buy a
property I no longer want.
What can I do to sell it?
Q: Planning for retirement, I
recently purchased a small town-
home utilizing a bridge loan from
the equity in my present home. I
closed on the townhouse, but in the
past month my situation has
changed, and I would like to sell the
townhouse rather quickly. Is there a time period
that I have to wait before putting the townhouse
up for sale? Does the fact that I purchased it
using a bridge loan have any impact on reselling
it immediately?
T
humb through the business months, leading to more foreclo- sumers over the past 18 months,” or more, after which time the
by getting a home-equity loan on the first property.
or real-estate sections of sures in 2008. says Dave Webb, principal of lender sends a default notice to
your local newspaper daily But while these numbers Hudson & Marshall auction firm, the owner, which can take 30
Q: When we purchased our house, I was told and you’re bound to see the reflect the current challenges fac- Dallas, who adds that it’s not days to seven months, depending
by my broker that my credit was average. I’m words “foreclosed” or “foreclo- ing the cloudy residential real- unusual for some homes to sell on the lender.The default notice
now in a bad situation, and it’s going to get sure” peppered throughout the estate market, they also represent for 20 percent below their mar- is published in a general-circula-
worse. We need a loan modification. My wife and articles, advertisements and classi- a silver lining of opportunity for ket value at many of the auctions tion newspaper.
fieds – and for good reason. Slow savvy home shoppers, who can his firm holds.“They realize they “At this point, some buyers
I are both working, and we do not want to lose
home sales, soaring mortgage- capitalize on outstanding bar- can buy a great property at signif- will offer to buy the mortgage
our home. We have two kids and feel helpless. I default rates and other negative gains, provided they know where icant price reductions in today’s from the owner,” says Webb.“If
have read very detailed descriptions regarding market conditions resulted in a to look and how to buy a fore- buyer’s market.”
how our lender conducts business, and it staggering number of foreclosures closed or lender-owned home. According to Webb, a foreclo- See FORECLOSURE Page 2
appears that they are not working with anyone
except to foreclose on homes. I am very worried
and need some helpful information.
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GREEN works to promote energy conser- program, such loans can only be gy rater. He pointed out things I
Ask Our Broker
vation.“Energy-efficient mort- made on a home with a qualify- never knew were there, such as CONTINUED FROM PAGE 1
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© 2007 Content That Works – All Rights Reserved • contact us at 866-6CONTENT or CONTENTTHATWORKS.com for licensing information.