When it comes to Cape May rentals or Sales, Chris Bezaire NEVER FAILS! chris@CapeMayChris.com or call 609-884-8428 Coldwell Banker Sol Needles Agency
   

Your Cape May Market insider

  
   

CAUGHT IN BETWEEN SELLING AND BUYING A HOME?

 

July 2006 Issue

  
 

COLDWELL BANKER® PROVIDES TIPS ABOUT WHAT TO DO

Sometimes selling a home and buying a new one can be a difficult balancing act, as a homebuyer often cannot place an offer on an attractive home and sell the current one simulta­neously. These homebuyers and sellers get “caught in be­tween.” Below are some tips from Coldwell Banker Sol Nee­dles on how to close that time gap between buying and sell­ing a home.
Consider bridge loans. A bridge loan means borrowing from the current home’s equity until the proceeds from its sale are obtained. Some bridge loans require that only the interest be repaid; others mandate a single payment of interest and prin­cipal when the loan needs to be paid back. If protracted, bridge loans can be expensive, so it is best to use them for overlaps of a short period of time between closings.
Buy on contingency. Have a prior-sale contingency included in the purchase contract of the new home. It provides the op­portunity to withdraw from an offer if the current home does not sell by a certain date.
Evaluate whether to buy or sell first. You might still get “caught in between” even with a prior-sale contingency clause. Homeowners must consider which is better to do first. In a “seller’s market,” locating the new home and starting the buying process may be the best approach. It is important to note that most people need to sell their current home in order to qualify for a loan to buy the next one, which is often more expensive.
Review home equity options. For those who need to borrow for a longer period than just a few months, it is best to use a home equity loan or a fixed-rate line of credit, particularly if sizable equity has been built up.
   

Feature Property of the Month

  
  Wonderfully maintained 3 bedroom ranch only 3 blocks to the beach! Beautiful hardwood floors throughout. Perfect second home or vacation property. Property is coming fully furnished. Just drop your bags and relax. 1016 Maryland AVenue Don’t forget to look at the attached Market Analysis for May and June!
 

Calendar of Events

  
 

· 7/10                        Beach!

· 7/17                        Beach!

· 8/1                          Beach!

· 8/10                        Beach!

· It’s summer time, time to relax and go to the beach!
 

To remove your name from our mailing list, please click here and type remove in the body of the letter.

Questions or comments? E-mail us at chris@CapeMayChris.com or call 609-884-8428