We are trying to put an offer in on a foreclosure. We would like to offer $200,000. On a foreclosure you can not stipulate that you sell your home first, so we are looking into (and have been approved for) a swing/bridge loan. We only owe about $80,000 on our current home (and we are thinking we can get around $225,000 if we sell it).
I'm unsure of all the specifics, the pros/cons of a swing/bridge loan.
Has anyone ever had one and can you give me some information on them? I am meeting with my lender tonight and would like to go in with some kind of understanding so I don't look completely like an idiot and they put a big red target on my back.
Thank you!
I'm unsure of all the specifics, the pros/cons of a swing/bridge loan.
Has anyone ever had one and can you give me some information on them? I am meeting with my lender tonight and would like to go in with some kind of understanding so I don't look completely like an idiot and they put a big red target on my back.
Thank you!