Rules of Bridge Bidding
Rules of Bridge Bidding
The rules of bridge bidding are often a point of contention between home and land based vendors. The same is true when you are trying to get someone to bring their property out of the contract to give you an option on it.
Bridge bidding is not so much a method of buying and selling land as a method of buying and selling a home. The bridge buyer will purchase the property and offer to let the seller live in it until the mortgage is paid off. Then the bridge buyer sells the property back to the seller and gets his money plus the difference in the amount of money he would have made if he had sold the property for full market value.
Bridge bidding is usually the first step in the sales process. If a client wants to buy a bridge, they will come to the bridge broker with a list of items that need to be purchased before the bridge purchase. The bridge broker then sends the list along to the final person for the buyer. This person will sell the bridge to the client, who bought it.
Bridge buying takes more than just the rule of bridge bidding. The investor who buys the bridge has to check out the property. This can take some time, as the property needs to be thoroughly inspected for problems.
Some of the inspections will cost more than others, and the inspectors that are paid more will make more suggestions than those who are not paid more. So when a client comes to the bridge broker with an offer for a bridge, they will ask for the proposal of what the bridge will be worth at closing. The broker can only suggest a range, which means the buyer has to decide between the price range and the recommendation.
The broker will also advise the client to stay away from any property that appears to be foreclosed. This does not mean the property is a risk. It only means that the seller has not paid off the mortgage yet, so there is no way to know how long the home will sit vacant.
The best time to buy a bridge is when the sale of the property is over and the buyers are all the way through the closing process. However, the buyer should be aware that the property may have some problems and they may end up paying more than the asking price. The bridge broker may recommend a good real estate agent who can help them sell the property successfully and without having to pay for costly repairs.
Bridge bidding is an old technique. They are still used today, but the rules of bridge buying have been adjusted. Although bridge buying was used in the years before the foreclosure crisis, the rules of bridge bidding have been modified in response to the new rules of foreclosures and the fact that the majority of banks are not participating in the deals.