Buying a home in the DC metro area has arguably never been more competitive than it has become in 2021. Multiple offers on virtually every listing are commonplace. Escalating your offer price above and beyond the list price and waiving your typical home inspection/appraisal/financing contingencies or a combination thereof are becoming more and more prevalent. Leaning on your real estate agent and loan officer to navigate these waters in an effort to successfully ratify your offer has never been more vital.
If you already own a home and are either looking to upgrade for more space OR downsizing to less, writing offers to accommodate the sale of your current real estate as a contingency of the new purchase is an uphill battle. Qualifying carrying your current housing payment coupled with the new one may not be doable. Conversely, perhaps the majority of the funds you plan to use for the new purchase towards your down payment and closing costs are tied up in the equity of your existing home.
To combat the aforementioned, coming up with viable solutions that allow for you to buy your new home before selling your current one, or doing so simultaneously is a great way to put yourself in the best position possible to be successful.
Bridge financing is an excellent vehicle to accomplish this! There are a myriad of ways to structure these cases. Every scenario is different. Thinking outside the box to create uniquely catered solutions for our clients one by one is what I specialize in. If you would like more information, I’m always a phone call/text or email away!
Chandler Vogel moved to Northern Virginia upon graduating from Virginia Tech in 2006 to begin his mortgage banking career. Through experience, he has built extensive knowledge on properly structuring loan cases for clients and demonstrates a commitment to communication with all parties throughout the loan process. Chandler prides himself on under-promising and over-delivering with the end result of consistent customer satisfaction. Spending time with family, fishing, and golfing (in that order) are where you can find Chandler when he’s not working! NMLS ID 222346