Everyone Makes Financial Mistakes – Don’t Let Yours Define You
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How should I handle a bridge loan with an unsold house?
Hi, I'm calling because in October of last year, my husband and I made the dumb, dumb, dumb decision of taking out a bridge loan to purchase a property. And it was with the idea that we would sell our previous property and pay off the loan, restructure the loan, and everything would be great. But we haven't been able to sell our old property, and the loan is due on June 1st. Interest has accrued like nobody's business. Oh, man.
What was the interest rate, and then what was the amount?
So the total, they combined both properties, came out to $1.437 at $10.99. $10.99? ! Yeah. So apparently bridge loans, they explained to us, are always high interest like this. They're anywhere between 8 and 12. Man.
They even explained it to you and you guys said, sign us up. Let's do it.
Well, that's how confident we were that we could sell our old house.
Why isn't it selling?
That's the million-dollar question. We've knocked the price down a couple times now. We are technically under contract, but our buyers cannot seem to lock in a buyer themselves. And what they keep telling us is the market is just so weird. It's just such a bad time right now. It's a buyer's market, not a seller's. Yes.
So but but shoot straight with like level with this. If you had to say, here's what I really think the problem is, because I have a feeling that, you know, you can usually look at a situation and go, even though I don't like this, this is probably what's going on. What do you think is probably going on, whether you like it or not?
I mean, I think we listed too high. But then again, we were going off of the comparables, you know, the appraisal report. And, you know, I don't know. I think the market over here, the people that can afford that price difference. tag, they're looking for way more square footage. So while that house is very nice because it's remodeled, we poured a lot of money and sweat and tears into it. It's a two acre property. It's got, you know, that country feel with Starbucks five minutes away, all the amenities. But I think people are looking for more palatial homes in that area because we're surrounded by those types of homes.
Got it.
Got it. It's an original. There's a lot of new development out here, a lot of incentives.
So what are you hoping it sells for at this point?
We have it at $9.95. And like I said, we've been under contract with a contingency offer for 40 days already.
I mean, because they're in the same situation. They're making sure their deal goes through, right? So that has the potential to have a major domino effect. And I would not say, and George, chime in, Just that the fact that it's taking 40 days, I wouldn't necessarily say that, oh, my gosh, this thing's not going to happen. Because the truth is, yeah, your buyers are now waiting for their contingent. You know what I'm saying? Somebody might have made a contingent offer on their home. So this this does have some issues. Now, what you could ask is if your realtor can say, hey, if we go under contract with someone, is there a way to say we're also open to other offers until theirs and then like put a stop loss on it?
You see what I'm saying?
And say, hey, we can. But most of the time, people we have had open houses still. But because a lot of people on many of the apps like Redfin and Zillow and whatnot, it is showing us under contract. It's showing us pending.
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Chapters
8 chapters
1
How should I handle a bridge loan with an unsold house?
0:49–9:46
2
What financial advice should I consider during a divorce?
9:46–22:02
3
How can my spouse and I agree on retirement living?
22:02–33:53
4
Is signing up for a debt relief program a good idea?
33:53–46:38
5
What should I do if my realtor doesn't want to sell my rental?
46:38–51:46
6
Can I still benefit from credit card rewards if I cut them up?
51:46–1:15:14
7
What should I do after my car is repossessed?
1:15:14–1:24:20
8
Is it appropriate to sell my wife’s engagement ring?
1:24:20–1:28:14