Posted by GMann on June 27, 2006 at 16:01:11:
Why don’t do get an equity line on another property? Use the money from the new equity line and pay any shortfalls at closing. Kind of odd for a seller to bring money to closing but it would work.
Ed and anyone who may know… - Posted by Liliana
Posted by Liliana on June 27, 2006 at 08:15:20:
If I need to pay off a Home Equity Loan, what kind of loan would be best to try and get? I need to pay this off so that I can try to sell a prop. I have that is killing me…I need to sell it even at a small loss!
Maybe someone with a lot of money can provide a personal loan?! I do not know how to go about finding someone who loans money like this ={
Any info, very appreciated!!
Liliana
Re: Ed and anyone who may know… - Posted by Ed Garcia
Posted by Ed Garcia on June 27, 2006 at 09:16:39:
Liliana,
It doesn?t make sense to refi your Home Equity Loan, if you?re going to sell a property anyway that should give you the money to pay it off. Why pay the loan cost. You can pay of the Home Equity Loan when you sell the property.
Ed Garcia
Re: Ed and anyone who may know… - Posted by Liliana
Posted by Liliana on June 27, 2006 at 09:29:18:
In order to sell the prop. I’d have to ask too much money and that turns away prospective buyers. If I could advertise it for around $250K, then it may sell but not if I have to put it on the markety for about $275K…in order to be able to pay for the Equity Loan, it’d have to sell at this price.
Re: Ed and anyone who may know… - Posted by Justin
Posted by Justin on July 05, 2006 at 10:30:19:
I have two questions for you; Is there any equity left? What should the property appraise for?
I don’t know if you are already working with a realtor, but if the value exists in the property then it may be worth paying them their 6% (in most states). I also don’t know what market you’re in but I’ve seen properties that had a FMV of $250K go for $300K. The realtor is a salesperson, their job is to create value in the buyer’s mind. If it will appraise at $300K and you find a good realtor you could walk away to the better.