Help With Home Equity - Posted by Don Beard

Posted by Don Beard on June 10, 2000 at 14:22:53:

Thank you for the reply Carol. Sorry if the post was confusing.

First option was to create personal note to be sold to interested investor. Second option would be to sell to investors who purchase L/O packages. Third option would be simultaneous closing with sale of property using owner financing and note creation.

At the present time, because of personal family health problems, I need an expeditious solution. The option chosen would depend upon how quickly I could obtain the funds need at this time.

My credit is fair to good. Do not have a FICO #. Have not looked into Home Equity line of credit or re-fi. Prefer to sell.

Perhaps the original post was not well thought out.

Thanks again.


Help With Home Equity - Posted by Don Beard

Posted by Don Beard on June 10, 2000 at 09:59:31:

Have SFR. Approx. Market Value - $79k. Exist. Debt - $9k
Would like to pull all or part of Equity by creating note.
Need $$$ within 30 days or sooner. Property has been used as rental for 14 years, but need to sell. Not necessarily L/O. However, would consider if equity dollars could be obtained within the time period mentioned. Property would lease for $625 - $675. Have buyer interested, but he is going into a foreclosure. Have other buyers that vary as to their down payment and monthly. Also, lease prospects.

Appreciate any and all responses to help me.


Re: Help With Home Equity - Posted by Carol

Posted by Carol on June 10, 2000 at 12:42:42:

Maybe I’m the only one confused, but clarity would help:
If I understand, you own a SFR which you have been renting out at $625, FMV is approx $79k and you owe $9.

You now want to pull out the equity as cash by
=selling it outright?
=refi-ing it?
= selling useing a note which you would cash out at closing?

QTN: how much of the cash are you trying to pull out? Said another way, how much $ do you need in 30 days?

If you can clarify some of this, no doubt some helpful answers will be forthcoming.