Page 14 - How To Buy A Home In Louisville

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FAQs (Continued)

? What if I have a house to sell first?

In this case, you have three options:
■ Get a loan on the new house without selling your first house. You can qualify for 100%
financing if your credit is good enough. This is called a bridge loan because it bridges the
time period between closing house #1 and #2.
■ Get a home equity loan on house #1 to buy house #2, if house #2 is smaller and your bank
allows it.
■ Write an offer to buy house #2 only if house #1 sells within ____ days of the offer. This is
called a contingency contract. If during that time someone else offers the seller cash for
the house, you’ll have 24 (possibly 48) hours to get a bridge loan or cancel the contract.

The River Valley Realty Group - How to Buy a Home in Louisville, Kentucky 12