Home Selling in 90640>Question Details

Michael, Home Seller in 90640

Best way to cash out of your home?

Asked by Michael, 90640 Tue Nov 16, 2010

I have 100% equity. Whats the best way to cash out of my home and get the most return?

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Answers

5
The only way to cash out is to sell it.

If you want "cash flow" you may rent it or do owner financing (Sell it, and become the lender) to create a monthly income.
0 votes Thank Flag Link Tue Apr 19, 2011
You could always do owner financing and make a good rate of return - better than putting money in the bank or investing right now, if you don't need the money to buy something else that is. Talk to a CPA and they might have some good options for you.
0 votes Thank Flag Link Tue Nov 16, 2010
You asked this same question in Feb. 2009, stating you didn't think you could afford the expenses (property tax, hazard ins., upkeep, etc) Well you've made it another almost 21mos.

Your property value has most likely declined further since Feb. 2009. You could get a home equity loan, like you were looking into back then, yes there will be fees to do that, but you also have to be able to afford the payments.

There are still a lot of homeowners in Montebello that are defaulting on their loans, causing foreclosures & more properties will still decline in value. If you don't think you can hold onto this house for another 5-10yrs, you should sell now.

Or else you're going to be back on Trulia again in a year asking if you should sell, and I'm going to be telling you that you should have sold a year ago when values were higher.

Let me know if I can help, I can let you know what your home is worth Now.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Tue Nov 16, 2010
According to Zillow.com my homes value has fallen 10k from 2010 - 2012. Basically my homes value is just 10k above it's assessed property tax value at this point. How far down will it go? I think Zillow.com estimates are very low. Junk homes that need many repairs will price well while homes that are virtually turn key get hammered. I'm not at all inclined to deal with banks considering they won't accept an independent appraisal by a human that will inspect inside as well as outside the home. There is an HOA just down the street that needs lots of TLC. Our property is much more well kept but our homes are priced the same. Zillow estimates stink IMO. A coworker of mine just told me his son bought a home and homes are selling fast this summer. When estimated property value hits property tax assessed value, is that a bottom of the market or is the banking system going to bluff the U.S. housing market down to zero?
Flag Mon Jun 18, 2012
Hi Michael,
There is a good market for homes right now and since you have probably owned your home for some time, you will be able to make a profit on it and move up. I would recommend you work with an experienced agent in your area in order to prepare your home to appeal to today's buyer and also to price competatively
in today's market.
Best of Luck to you!
0 votes Thank Flag Link Tue Nov 16, 2010
1) Sell at a reasonable price
or
2) Take the money you're not using to make mortgage payments and put it in a safe place.
My advice is to never take equity out of real estate (no home equity line, no cash out mortgage). If you put the money you save by not having a mortgage into a safe investment or credit union account, they pay you interest and the money grows. If you take a cash-out a loan, you pay interest. Pretty simple.
0 votes Thank Flag Link Tue Nov 16, 2010
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