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AUGUST 2021         VOL.  2021.16
What if you need to sell in order to qualify to buy?

One option is to write an offer contingent to the sell of your home. This can be a stressful option, as you are depending on the buyer to successfully follow through with their purchase in order to fulfill yours! This option can also be less desirable for a seller, and in a competitive market, the seller may dismiss your offer all together and opt for a non-contingent contract.
 

Another option is a Bridge Loan. Bridge loans let homebuyers take out a loan against their current home in order to make the down payment on their new home. A bridge loan may be a good option for you if you want to purchase a new home before your current home has sold.
A Bridge Loan requires a borrower to pledge their current home or other assets as collateral to secure the debt—plus, the borrower must have at least 20% equity in that home. Bridge loans also tend to have high interest rates and only last for between six months and a year, so they’re best for borrowers who expect their current home to sell quickly. his makes bridge loans a popular option for homeowners who want quick access to funds to purchase a new house before they have sold their current property.
 

How Bridge Lending Works

Often when a homeowner decides to sell their current home and purchase a new one, it can be difficult to first secure a contract to sell the home and then close on a new one within the same period. What’s more, a homeowner may be unable to make a down payment on the second home before receiving money from the sale of their first home. In this case, the homeowner can take out a bridge loan against their current home to cover the down payment on their new home.

In this situation, a homeowner can work with their current mortgage lender to obtain a short, six- to 12-month loan to “bridge the gap” between the new purchase and the sale of their old home.

Once the borrower’s first home is sold, they can use the proceeds to pay off the bridge loan and they will be left with just the mortgage on their new property. However, if the borrower’s home does not sell within the brief loan term, they will be responsible for making payments on their first mortgage, the mortgage on their new home and the bridge loan.

Is a Bridge Loan Right for You?
Contact any one of our trusted advisors at The Carnahan Group to guide you through the may options and process of buying and selling at the same time. 316-634-6767

MARKET STATS
JUNE 2021 MARKET STATS
The Avg sale price in JULY was $222,519 up from 17% a year earlier. This is mainly due to low interest rates! Homes that sold in JULY were typically on the market for 4 days and sold for 100.9% of their list prices.
Are you prepared to offer over list price? Let our team of professionals guide you through the "bidding war" process to get you into the home of your dreams!
VIEW FULL MARKET STATS

TCG HOT TIP

Trying to juggle selling your house while purchasing another property? A bridge loan can help "bridge the gap" allowing you to purchase before you sell. Our agent Tamra Provines explains.     WATCH MORE VIDEOS

Bridge Loans

OPEN HOUSE SUNDAY

Check out this week's open houses!
View all open houses in Wichita and surrounding towns.
Find one you like? Give us a call for more details or to view it in advance.
316-634-6767

SEARCH FOR PROPERTIES

Looking for something specific? Shop all properties in Sedgwick and Butler County. Narrow your search by newest, price range, zip code and more.
Want to be in-the-know about upcoming listings? Email us to be added to the list!
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TCG FAVORITE RECIPES

Back to school and back to schedule and routines!  Enjoy a great August side or Roasted Sweet Potatoes and inventive ways to spice up the kid's sack lunch!

Roasted Sweet Potatoes with Sriracha & Lime

1. Preheat the oven to 425°F.

2. In a large bowl, whisk together the coconut oil, lime juice (save the zest for garnish), salt and sriracha.

3. Toss the sweet potatoes in the mixture. Roast in a single layer on two sheet pans until fork tender, 35 to 45 minutes, tossing occasionally and rotating the pans halfway through.

4. Transfer the roasted sweet potatoes to a serving platter. Top with the lime zest and a handful of coarsely chopped fresh cilantro. Serve immediately.

10 Non-Sandwich School Lunch Ideas
Trying to come up with something other than PB&J? Try these creative ideas.
FULL ARTICLE: https://www.superhealthykids.com/recipes/10-non-sandwich-lunches-to-pack-for-kids/
  1. Tacos
  2. Wraps
  3. Baked Egg Cups
  4. English Muffin Pizza
  5. Thermos Lunch
  6. Pasta Salad
  7. Healthy Homemade Muffins
  8. Finger Foods
  9. Stuffed Pitas
  10. Waffles


 
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