Winnipesaukee Forum - View Single Post

BroadHopper · 10-18-2012, 09:05 AM

One could get a bridge mortgage in the case you are buying a home when you have your present home on the market. When you sell the first home they will refinance. Today, it is not so. Either your current home is sold or no loan. This makes it harder for someone to move to a new location. Large corporations will reluctantly purchase a new home in a new location until you old home is sold. Then the corporation will sell you your home.

Bottom line is it takes money to move to a new location, something most of us do not have.

I had a chance to buy an inn a couple of years ago for 900K. Banks told me I need enough liquid assets to cover the commercial loan. The property never sold and today it is foreclosed for 600K. Now the bank has change the rules, too late, and I can afford the property. The property is no longer attractive as it has fell into disrepair. Go figure.

Banks loves to 'shoot themselves in the foot.'

10-18-2012, 09:05 AM	#31
BroadHopper Senior Member Join Date: Oct 2004 Location: Laconia NH Posts: 5,509 Thanks: 3,116 Thanked 1,089 Times in 783 Posts	In days of old...... One could get a bridge mortgage in the case you are buying a home when you have your present home on the market. When you sell the first home they will refinance. Today, it is not so. Either your current home is sold or no loan. This makes it harder for someone to move to a new location. Large corporations will reluctantly purchase a new home in a new location until you old home is sold. Then the corporation will sell you your home. Bottom line is it takes money to move to a new location, something most of us do not have. I had a chance to buy an inn a couple of years ago for 900K. Banks told me I need enough liquid assets to cover the commercial loan. The property never sold and today it is foreclosed for 600K. Now the bank has change the rules, too late, and I can afford the property. The property is no longer attractive as it has fell into disrepair. Go figure. Banks loves to 'shoot themselves in the foot.' __________________ Someday may never be an actual day.