we make about 135K we have a lot to build on thats paid for .
2007-02-22 13:29:34 · 3 answers · asked by william t 1 in Business & Finance ➔ Renting & Real Estate
I am a Realtor...so i can share my experience in our market...It will be different depending on where you live . The market typically has slowed down...which means you may get appraised value or below for your home.upon selling it.
The answer to whether you are in trouble depends on how much equity you have . The banks usually stop lending equity money at 80% of the current appraised value. So hopefully you have at least the 20% STILL IN YOUR FAVOR. Do you?
Two things to keep in mind are ..An Appraisal for an equity line can be a little high . an appraisal for a buyer may be more conservative...low. So how much equity you have can be a little different usually within a 5% spread..Depending on who does the appraisal.
. As a home owner...you can have a realtor do a CMA...comparituve market analysis..This will give you an education on the value of your home if sold today...Realtors do this for free...An appraisal can run 300+. It is a great education for any home owner. They also can do a sellers cost sheet . this will show you how much it will cost to sell your home and pay off your loans that you have on the home. Good job on the paid lot..It .will help with .new loan for next home. instant equity!! Good luck!! Ask around for a good realtor...Look for one with years of successful selling in your neighborhood...We do this everyday and would love to help you.
2007-02-22 14:34:47 · answer #1 · answered by janetw 2 · 0⤊ 0⤋
There really isn't enough info here to answer the question. My wife and I just did a similar thing. I was nervous about it for a while. Until you get completely through the transaction, do as much as you can to save money and pinch pennies. You are going to want as much cushion as possible for unexpected costs. Selling your house in this market is also going to be tough. You will have to be ready to bend over backwards to make the sale. Wait for a potential buyer to tell you what to fix before you dump a bunch of money into. Good luck.
2007-02-22 21:35:02 · answer #2 · answered by Homeslice 4 · 0⤊ 0⤋
What exactly is your question?
2007-02-22 22:23:26 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋