Hello hope someone can help me, I recently tried to sell my home and the deal fell through the person buying the home could not get financed for some reason or another.
But during this sale I found out through the appraisal company that my home was appraised at 275k and I owe 183k if i pay off early.
I dont have good credit but lots of equity according that appraisal so how can I use this to get some money fast?
Is your house listed for sale with MLS (with an agent)?
Yes it is.
You can cash out, but because your house has been listed on the MLS your going to take a hit on rate.
How long does it take? And what kind of hit?
You can’t refi while your house is on the market. Withdraw your listing and pull your money out, then re-list if you must. I prefer to sell my own houses.
Da Wiz
No chance of private money that will float the note til the house sells?
Well you have options,
You can take the listing off of the MLS, then you can refinance and take out some cash for the time being, I can close refinances in 10 days or less. As soon as the refinance is done you can then put it back on the MLS.
Thanks!
new_investor,
Fast funding would require a hard money bridge loan which would max out at a 65% LTV. Not enough to help.