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Smarter in :90 - Be One Step Ahead of Other Buyers

Kelly Novotny,

July 09, 2014

Managing Your Money


Kate's story isn't unique. Lots of first-time buyers come to me with a house already picked out and wanting to put in an offer as soon as possible. Without being pre-approved ahead of time, this situation can be very stressful trying to gather the correct documents, get everything submitted and then wait to be approved for the amount they need. All the while, the home of their dreams is being pursued by other buyers. In such a competitive home-buying market, it's never been more beneficial to be pre-approved. It will make the process smoother and less stressful for you  and help you make sure you know exactly what you can afford. If you want to start the pre-approval process, visit

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My name is Molly and my husband Kenny and I are moving to Lincoln from Saint Paul, NE. This has all happened fairly quickly as my new job as an RN on the Mom/Baby unit at Bryan East starts February 9. We are hoping I won't have to stay with friends too long. We currently own our home in Saint Paul so have a mortgage. We bought under a rural development loan so had almost no down payment so really no equity. The remaining balance on our loan is around $68,000 and is held by Wells Fargo. We get our home insurance through USAA so checked with them and go pre-approved for a mortgage contingent on the sale of our home and will proof of employment in Lincoln. We were looking at a house listed at $109,900 MLS #: 10119303, our Realtor mentioned something called a bridge loan...Is that something you have seen/offer? We tried to read up on it on our own, but it doesn't seem like something we could swing. We cannot cover 2 mortgages, I don't think. I realize we should probably be patient and sell first, then buy. But so far we have had 1 person look at our house (has history of declaring a medical bankruptcy) and 5 people wanting to do a rent to own. We were going to try to sell on our own, but realized that was silly so listed with the only Realtor in town, who is currently on vacation. She has someone coming to look on the 31st. The part where we are stuck is that my husband, currently works at Best Buy, would like to transfer to Lincoln for his proof of employment, but we have 2 dogs who must move with us and I don't think we can cover mortgage and rent. Also I don't think my friend would appreciate both of us and two dogs adding to their household with an 9 month old and a cat. I'm guessing my husband will just have to wait until this house sells, but we're open to suggestions.
Thank you,
Molly Carlson

Hi Molly, thanks so much for posting on our site. A Loan Officer who specializes in bridge loans and other financing options will be contacting you by email shortly.

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