Posted by Brett on October 26, 2009 at 14:45:58:
Six years ago, my current home sold on the market for $310,000. It was then foreclosed on and sold two years ago for $290,000. Then, and I'm not making this up, it was foreclosed on AGAIN and my wife and I purchased it for $203,000 eleven months ago.
I am a real estate agent as well. I have pulled comps on my home. It is worth $325,000-$350,000 using sales data from the past 6 months.
When I try to go the "conventional" way by using a bank, they keep telling me that they will only loan based on the last sales price. I guess that's an FHA thing.
Bottom line, how do I gain access to the enormous amount of equity in my home? It's very frustrating having someone tell me that I can only get so little out of a house that I know would sell for the above mentioned price if I put it on the market.
Does anyone have any suggestions?
- Re: Refinance Options Ben 07:30:25 10/29/09 (1)
- Re: Refinance Options Brett 07:54:12 10/29/09 (0)