brought to you by the every dollar app start budgeting for free today. Hi, I'm calling because in October of last year my husband and I made the dumb dumb dumb decisions of taking out a bridge loan to purchase a property and we it was with the idea that we would sell our previous property and pay off the loan restructured 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. What was the interest rate and what was the amount?
So the total they combined both properties came out to 1.427 at 10.99. So we're looking at their $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 is it selling?
That's the million-dollar question. We've knocked it, you know, 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 the market is just so weird. It's just such a bad time right now.
It's a buyer market not a seller. Yes. So 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 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 comparable, you know, appraisal report and I don't know.
I think the market over here the people that can't afford that price tag they're looking for way more square footage. So while that house is very nice because it's remodeled, we've poured a lot of money and you can't hear them to it. It's a two acre property. It's got, you know, that country feel with Starbucks five minutes away for 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. There's been a lot of new development out here, a lot of incentive. So what are you hoping it sells for at this point?
We have it at 9.95 and like I said we've been with this 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 in Georgia, you know, chime in just the fact that it's taking 40 days, I wouldn't necessarily say that oh my gosh, this thing's not gonna happen because that 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 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 there's 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's showing us under contract, it's showing us pending, but you can make a deal accepting offers exactly, you can make a deal to where it's not like that to where it still looks like it's open for anybody to make an offer and then ask your realtor to say, okay, now we need to put a stop loss on this like you have 60 if it's a contingency, you have 60 days or you have 90 days that and then after 90 days we get to go to the next offer. That way you're always making sure you have people prime in the pump here and you can make this go faster. The other thing is have you had the same realtor the whole time because I might be thinking about kicking that one to the curb and getting the Ramsey trusted realtor? Well, I actually did contact him from the realtor, he said at this point because of his situation, you're better off taking with the same person because there would be a delay if I switched to any agent.
What kind of delay? What's that mean to me? Well, he's that pictures and the listing itself would take a few weeks for it to get going again. Yeah, you'd have to do new pictures, you can't take the old guys work, but if you really feel like, I mean, you're the one calling us right saying something's not right and they are the professional, not you.
So they should be getting to the bottom of this a lot faster, not us, not you having to call into a radio show for us to tell you what a realtor should have been telling you basically is what I'm saying. Yeah. And my guess is, let's say you guys walk away from this with I don't know, $900,000 net. Yeah, where's their still loan to pay off?
Yeah, we have to come out of pocket for any different semi. So you're telling me on June 1st, the entirety of that loan is due? They gave us to June 4th because that was when escrow was opposed to close, but they have enabled to secure buyers. But you know, how are you going to come up with that amount of money, even if you sold this house?
We have a savings. Obviously, we would rather not 100. Okay, can you negotiate an extension with the lender? That would be your best bet right now.
Yeah, to attempt that. I mean, I've already asked and nobody seems to get back to me on that. Well, otherwise it's going to go through foreclosure. Yeah, because your house is the collateral here.
So that's even scarier. So I'm wondering if they would work with you and say, Hey, we can give you this much right now. Would you be willing to file an extension buying us another month so we can close the situation, especially knowing that you're under contract that we think. And then put pressure on the buyer to say, Hey, we need to close by the state in the contract.
No matter what. Well, my question is also, is it better to determine this contract and go back on the market? Why would you take the only vision line off the line? What I'm telling you is you can open it up and say still accepting offers.
So it would say like contingent, still accepting offers, you can still get more offers. And if a buyer can close fast, that's your ticket out of this thing. And 40 days, 40 days, well, they won't offer anything if it says it's under contract. Yeah.
And you do have an offer. And the description says active kick out is what the description on all of those that is the agent added that little piece. Right. But they need to change it to where it shows as totally open.
And that is that is 100%. I have done that. It's possible to do that. And I also want to encourage you that 40 days for the contingent offer, if it's taken them 40 days, let's pretend that your contingent offer saw your house loved it made an offer.
And then the next day put their house on the market, right? It's not uncommon. Exactly. And what I want to give you hope for is that the average time for a house to be on a market before it sells is 50 days.
Okay, so you're at 40. You've got a fish on the line. Don't throw it back because it's squirming a little bit. Just keep reeling it in.
And while you reel it in, make sure that your house is showing is available on all the different apps out there so that people know your realtor should know to do this. And if not, you need to be getting all up in their grill about this, George. You got to fight and claw your way out of this thing. Don't go through foreclosure.
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