A cash asset or an asset that is easily converted into cash. Examples are savings & checking accounts, money market accounts, stocks and bonds. If you have IRA you can borrow 10% of the value and 401K you can borrow up to $50K.
Lee H. Schaffer, CMPS, CMHS
Senior Loan Officer
I believe you have good responses on this, please do keep in mind that factored into these numbers are outliers. Homes that are overpriced, homes in such disrepair that the only value is in the land, short sales and foreclosures, and then the "traditional" home sale. There is no substitute for a home that is staged, priced well and marketed aggressively. Those will always sell quickly regardless of average DOM.... more