Compass' Bridge Loan Services
It’s a conundrum as old as time; while spending a Sunday looking at houses “for fun” you stumble upon the home of your dreams, you start imagining your life there, and then you remember one small problem - you have to sell the home you have to get the home you want! Daunting, right?! And in this competitive market, you don’t have the luxury of time to get your house sold before the one you want is snatched up. Or maybe your parents are older and need to downsize but can’t because they don’t have the funds to relocate. Maybe your life circumstances have changed and you need to make a move quickly. There are a multitude of scenarios where this could be your overwhelming reality. But fear not! Compass has a newly launched program to help your new house dreams come true.
One of the things I love most about being an agent of Compass is the vast array of services provided to me and my team, the benefits of which we can then pass on to our clients. Not only does Compass offer stellar search tools and the absolute game-changer that is Compass Concierge - which fronts the cost of home improvements to sellers at no cost with zero interest - we now have yet another exciting and valuable tool in our arsenal. Enter Compass Bridge Loan Services - a way to enable new buyers to make a move and buy a new home without having to sell their current home first.
So, what are the fine print details you ask? The Compass Bridge Loan Service provides our clients with access to loan offers at highly competitive rates, which gives them the opportunity to have no out-of-pocket costs for up to six months, as long as the client has an exclusive listing agreement with a Compass agent. This is a unique offering you can only benefit from when working with one of Compass’ agents, where the costs are fronted and get paid back at closing.
Breaking it Down
What’s a Bridge Loan?
A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one, without rushing to sell.
What’s the Compass Solution?
After months of research, Compass has selected lenders that are offering competitive rates and dedicated service for Compass clients. Already working with a lender you love? No problem. This unique solution lets you choose the provider that works best for you.
No out-of-pocket costs - Work with a Compass agent to sell your current home and get up to six months of your bridge loan payments and other associated costs fronted — an exclusive offering for Compass clients, regardless of the lender you use.*
Does a bridge loan make sense for you?
Is your money tied up in your current home? If you need to move but your money is tied up in the equity of your current house, a bridge loan can help you secure funding to facilitate the transition to a new home — like for a down payment or mortgage payments. Once your current home sells, you’ll use the proceeds to pay the bridge loan back.
Do you need to move within a specific timeframe?
If you’re relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to, without having to wait for your old home to sell.
Does your home require renovations or other work?
Whether you’re using Compass Concierge to increase your home’s value, or are making improvements on your own, it may be easier to have construction work done when you’re out of the house. A bridge loan can help you move faster so you’re out of the house while those improvements are being completed.
How it works
Sign an Exclusive Listing Agreement with your Compass agent to sell your current home — while you work with them to find your next dream home.
Apply and get approved for a bridge loan with the lender of your choice. If you need guidance, we can refer you to a Compass affiliate who specializes in this unique kind of loan program.
Ask your Compass agent about getting the first six months of your bridge loan payments fronted.*
Move into your new home while your Compass agent works to sell your current home. *Use Compass Concierge home improvement services to sell your home faster and for more money.
When your old home sells, simply use the proceeds to pay back the bridge loan and any fronted monthly payments.
This is just one of many ways Compass agents can help you through the process of buying and selling your home. We work hard to take away the fears, uncertainties, and big “what-ifs” of the process so you can simply focus on finding your way home.
Canyonhaus is your go-to resource for all things LA Real Estate. If you or someone you know is thinking of making a move, contact us today.