Re: Thinking of getting a Bridge Loan

"John A. Weeks III" <john@xxxxxxxxxxxxx> writes:

In article <1179977888.798310.292480@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
lagman <dan_hoffard@xxxxxxxxxxxx> wrote:

I have recently taken a job in another part of the country and am
currently living in a motel while my house sells. I have started
researching bridge loans as a means of getting into a new home before
my old home sells. I am thinking about a bridge loan that would not
require any payments for 6-12 months. Here is my current situation:

Your life is already complicated. The last thing that you need
is a messy loan to add to your already messy house sale. How
about slowing down a bit, realize that it may be a long time
before your house sells. Find a nice apartment, and sit out
the housing market for a year. The money that you save doing
this will come in real handy when you are ready to buy a new
home. But for now, take advantage of the underpriced rental
market.

I agree. Even if you have a wad of cash in hand, it's often a bad
idea to immediately jump into buying a home in a city you aren't
familiar with. If you rent for a while, you'll have a chance to
explore the neighborhoods a bit, figure out traffic and/or public
transportation patterns and where you'll go most often for shopping or
entertainment.

Plus.... it sometimes happens that a new job goes sour within the
first few months or a year. You find out the company lied to you when
you were interviewing or reneged on promises about your work
environment or benefits, the pointy-haired boss is a moron, you can't
hack the hours and pressure, or OTOH the place is too laid-back and
you feel you aren't being challenged, you just don't like the work,
etc. If you decide it's not for you and you want to quit, the last
thing you want is to be tied to *two* houses you don't want. Better to
wait a bit and make sure this is a place you're going to be happy in the
long term before you buy a house.

-Sandra the cynic
.

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