Can I use equity?

[Eric B.]

I currently have an as is home I need a cash buyer for but would like to move into a new home asap. Can I use the equity on my current home somehow to meet my wanted monthly budget for the new home? The home I am selling is way under comps I just don't believe my realtor is doing an adequate job marketing and I'm running out of time to sit on it before I have to move for my growing family. My current home is paid off and has 20k+ in remodel this year and I'm only asking 50k for it, if I have to sit on it much longer anyway I can use part of it's value to get into my next home? Thanks in advance

[Dion DePaoli]

The bigger elephant in the room is why your home, according to your description, is priced under market and not selling. Are you sure you really under market?

That is important and really the home sale issue is where you should start before you go borrow money based on the home selling and then come up short or prolong the term of the loan, etc.

If the agent listing your house is doing a poor job, fire them. Hold your agent accountable, ask to see a list of who inquired about the house. Where is he marketing the house beside MLS? Get tough, don't settle for below adequate service from the agent, they get their full fee when the house sells. Make them earn it by doing their job or find an agent who will.

Outside of borrowing money to bridge the gap, you can find homes that you like and see if the current owner is willing to let you move in as a tenant until your home sells or similiar arrangement.