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Updated about 5 years ago on . Most recent reply
Sold Home w/ accepted offer- way to get a short term advance?
I have a investment property in Wisconsin- Rental property - that I just listed for sale and have confirmed offer/buyer.
The plan is for it to close on Jan 28th. In the meantime I wish I could be tapping into some of the equity to handle things through the close 5k - 10k loan for a month or so would be a help/until the closing. Any advice on this? My credit score is around 620 because of cash flow being a little tight. So getting a unsecured personal credit line would be hard to do.
Home Paid for it $203.000
1st and 2nd Mortgage $168,000 left
Confirmed offer - and have bank approval letter for the buyers $269,000
Renters moving out before the close - good renters, won't have any issues with the move-out.
Equity would be at 100k available
No issues really with the home - and the buyers are very much on active on this sale.
Thank you for your time and look forward to hearing back from you.
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Or a cash advance from a credit card maybe be your cheapest answer. A title loan would be second.
Just make sure the earnest deposit has gone hard so if they back out or hit you with $20k in “found” inspection problems you can pay back high interest short term loans.