Relocate to Wisconsin : The Bridge...is Back !

The Bridge...is Back !

    Thinventory ( the condition we are calling this very active Sellers market in southeastern Wisconsin....you may use it for yours as well :) ) is causing many changes in the mflying tennis shoearket.  It means Agents and Buyers have to run faster and jump higher to be the first ones to a listing.  Beyond that,

all the financial ducks must be in a row..Pre approval in hand from a reputable lender...Flexible mindset to be able to work with whatever the Sellers require for a moving date.  (We even have multiple offers on short sales which require Buyers to be very flexible.)

      We have Buyers who have written on our listings with home sale contingencies....and the home has not yet been listed !  They "know"....and they may be right, that their home Dicewill sell quickly and we should  roll the dice and "bet on that" and put their offer in primary postion and accept it...probably not.   In this market, no Seller has to accept a home sale contingency.... they are looking for the highest and best...and highest is often over the asking price...multiple offers and appraisals escalating to meet the health of the current market.fingernails on a chalkboard

    What is a Buyer to do when they have a house to sell ?  Some buyers are researching the opportunity to do a bridge loan...and to many both Realtors and Buyers...that brings to mind the sound of fingernails scraping a Chalkboard.  CAUTION....this loan may be hazardous to your financial health/wealth....it is saying....

      Another way, some fear for us to cycle back to a distressed market.     The very big truth is...one loan does not fit all...and one should look at the worst possible case scenario in terms of how long it may be before a home is sold before making a decision to take on a bridge Bridgeloan.  All bridge loans are not created equally.....and anyone considering one should talk with more than one lender to find out what different programs may be available.

    This market is a challenge to Buyers wanting to move up or down...over and around...and we wish you a safe journey to your new home.

   If you or anyone you know is considering a move anywhere in southeastern Wisconsin...Call the Hansons, we are honored to be of service.

 

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 13 commentsSally K. & David L. Hanson • April 24 2016 06:27AM

Comments

Good morning Sally K. & David L. Hanson good topic for today's reas estate environment.... fast and furious that results in a bridge loan needed is a frightening situation.... deep pockets are needed as a back up system.... 

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) about 2 years ago

And one of the big issues I seem to be facing (because I am VERY hesitant to show Sellers new homes until there is an offer on theirs) is, "How will we find some place to go when ours sells?" It is a challenging market.

Posted by Mimi Foster, Voted Colorado Springs Best Realtor (FALCON PROPERTY SOLUTIONS ) about 2 years ago

What happens if you give the wrong answer to the troll under the bridge?

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) about 2 years ago

I hope we don't get back into the type of market we had in 2004 through 2007 when bridge loans were common.

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) about 2 years ago

Sally and David- I hope this doesn't take us back from whence we came.  Don't want to go through that again. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) about 2 years ago

Thinventory is a term that would describe our situation as well.  In some categoriess, prices are rising quickly and could easily price some buyers out.

Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) about 2 years ago

 

              thank you Sally K. & David L. Hanson for my ah-ha moment. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) about 2 years ago

Right now a friend of mine is hesitant to put her house on the market for fear she may not find a place she like to move into.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) about 2 years ago

This can be one of the more difficult parts of real estate transactions. People who have a house to sell should really put it on the market first, get under contract and then select their new home. They have a much better chance of getting their offer accepted. And they have to have a backup plan in the event they can't move into a new home at the same time they sell the old.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, 914-419-0270, kat@thehousekat.com) about 2 years ago

Hi, Sally and David.  No question, sellers hesitate to sell for fear they won't be able to get the house they want.  A bridge loan would be a big help, so they could find the new house first and then sell.  But the requirements to get a bridge loan these days  are too steep for most folks.

Posted by Dianne Goode, Realtor/Broker (Raleigh Cary Realty) about 2 years ago

I can't believe how long it has been since I have even heard someone mention a Bridge Loan! As with anything that we do when making major decisions it is best to have a plan A, B, C & D! You are so wise to point out that the first step for buyers should always be Pre-Approval (not pre-qualified) so they are completely educated on what their options are financially, which will of course, allow them to plan accordingly. 

Posted by Sherri Gold, Myrtle Beach/Conway South Carolina (Coastal Carolina Real Estate Services) about 2 years ago

I would love to take advantage of the current market as a seller, but not too interested in being a buyer right now.

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) about 2 years ago

Sally and David, do I ever agree with what you said about bridge loans!  They give me the hives!

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 2 years ago

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