The Challenge

Kathy, newly retired, had owned a condo in Novato for many years. It was a beautiful second-floor unit, but the stairs were becoming a challenge. She was very particular about what she wanted in a replacement property, and didn’t want to sell before buying because she didn’t know how long it would take her to find a new place. She finally got into contract on a new one-level place. She planned to take money from her retirement account for the purchase, and then replace those funds when the old place sold – but she hadn’t realized the enormous tax bill that she’d have. By the time she understood the tax ramifications, Kathy had already removed all contingencies and had only nine days before close of escrow.

The Solution

Kathy was approved for the bridge loan in a few hours. Because either paying that huge tax bill or losing her deposit for failing to perform would have created a financial emergency for her, a rush nine-day closing was approved. Kathy was able to close on time and move into the place she loved.