Posted by FJW on July 19, 1999 at 12:10:45:
Nope. Didn’t think of that one…good one. Sort of a long shot though, don’t you think? Like, grasping for gerkins out of the really small gerkin jars! Can’t hurt to try, I guess.
Have a good one.
FJW
How to pull money out of equity of newly purchased house - Posted by Tom
Posted by Tom on July 15, 1999 at 20:03:51:
We have a lease option on a house we will be living in. The basement leaks and will need to be fixed before we can get a decent loan on it. I can fix the basement with no problem. We are buying the house about $15k below market value. How can we pull out the equity ($10-15k)? We would like to use the money for further fix up and to invest in other property. Thanks in advance for your advice.
Re: How to pull money out of equity of newly purchased house - Posted by Bill Gatten
Posted by Bill Gatten on July 17, 1999 at 15:59:27:
Tom,
Make one of the terms of your purchase an obligation by the owner to take out an FHA Title-1 Home Improvement loan (any Savings and Loan will direct you). There’s $17,500, pretty much irrespective of the equity in the property.
Hey FJW… now you didn’t think of THAT, did you? Ha!
There’s always another way to ‘pickle a gerkin,’ as they say (Well, I don’t know who says it, but someone must).
Bill
Re: How to pull money out of equity of newly purchased house - Posted by FJW
Posted by FJW on July 16, 1999 at 19:02:40:
Well…er…you can’t. If I understand your post, you haven’t purchased it yet so it’s not yours; and won’t be until you exercise the option. Who’s going to lend you money against equity that may or may not be yours someday IF you can make good on your agreement?
Find out what you need to do to qualify for the loan you want as well as what you need to do to have the property qualify. Do those things through the period of your lease so you will be able to exercise the option. Then that equity will be yours. Good Luck.
FJW