- Home Equity Loan: You can typically borrow up to 90% of your primary residence’s value or 80% of your secondary residence’s value. The interest is tax-deductible and the application process is not as intense as it would be if you were applying for a conventional loan. This is usually the easiest and fastest way to access cash. Property must have equity.
- Cash out Refinance: This process is very similar to applying for a mortgage and can take 30-45 days to complete. This type of transaction can be done on any property that you own that has equity.
- 401K or IRA: You could borrow or withdraw money from these accounts in order to finance a real estate investing project. Another option would be to reduce the amount you contribute or stop contributions all together and instead save those funds for a down payment. Talk to financial adviser about specific rules or penalties.
- Sell Something You Own of Value: A second car that you hardly drive, a boat maybe, or some forgotten savings bonds. Sacrifice and sell these items in order to finance your investment.
Most buyers will present offers with a home inspection contingency. Depending on the results, they may choose to walk away from the deal, ask that the items cited in the report be repairs, or they may agree to split the report costs.
Having a home inspection completed before the home is listed makes the home more attractive to buyers, which means you are likely to get more offers sooner. Show buyers that repairs have been made by having a slideshow of the work or before and after pictures play during open houses.
The market is heating up! With more and more options springing up everyday, let’s make the buyer’s decision easy. Connect with me today and I’ll help to get your home sold!