Posted by John Behle on December 04, 1998 at 14:14:23:
There are many ways to access equity, but the cheapest is usually a HELOC (Home Equity Line of Credit). They may dry up in the near future, but are very easy to get right now and many do not have any seasoning requirement and will loan on appraisal.
I have a contract to purchase a home owned by the gov’t that has about $100,000 in equity. It needs about $20K in cosmetic work. After the cosmetic improvements it will have about $130,000 in equity. We are considering keeping it for a couple of years, but we don’t want to wait to get at that equity. Any suggestions?