We give homeowners net cash from the equity in their home, and they stay in the home while they refinance or sell within a set term of 12 to 24 months. It is a real estate transaction, not a loan.
At closing, the home is deeded into a land trust with a licensed attorney as trustee, and you receive your net proceeds.
The Trust issues you a bridge agreement that grants you full possession for up to 24 months.
At any point in the term you can refinance your home and pay off the Trust at the locked-in option price, or sell it to a third party.
This is how we explain it to your client.
Get your client's written permission to share their information.
Call or email Scott with their name, property address, rough value and balances, and what they need.
We give you both an initial read. If it fits, your client gets a written proposal to review with you.
Scott Ulmer|419-290-4566|scott@bridge2sell.com
Net cash is what remains after lien payoffs, fees and any prepaid Lease Payments. The option price follows a schedule set in writing before signing, and on a third-party sale the homeowner keeps the proceeds remaining after the option price and the costs of sale. This brief is provided for informational purposes to professionals and is not an offer, a commitment to fund, or legal, tax or financial advice. Bridge2Sell is not a lender and does not make loans. A Bridge2Sell transaction is a real estate transaction in which title to the home is conveyed into a land trust for the term; the homeowner receives a lease from the Trust and an option to pay off the Trust at a locked-in price or sell the home to a third party. In some transactions an existing mortgage remains in place and the homeowner remains responsible for its payments. If the homeowner does not meet the payment obligations or the refinance or sale milestones in the agreements, the Trust may sell the property, with any remaining proceeds paid to the homeowner after amounts owed and costs of sale. Eligibility depends on the property, equity, title and signed agreements, and the program is not available in every state or area. All terms are set out in the homeowner's written proposal and closing documents, which govern. Bridge2Sell does not negotiate with lenders or servicers and does not offer loan modifications or mortgage assistance relief services. If a home is in default or foreclosure, the transaction is subject to the foreclosure-rescue and equity purchaser laws of the property's state, and the homeowner receives every disclosure and cancellation right those laws require before signing. Where a divorce or estate is involved, everyone with legal authority to convey the property must sign, and terms are coordinated with any court order or settlement. If a bankruptcy case is open, a transaction proceeds only with the client's bankruptcy counsel and any required trustee consent or court approval. Homeowners should consult their own attorney, tax and financial advisors before entering any transaction.