“Getting a HELOC can be Tricky”

“Getting a HELOC can be Tricky”

 

 

 

 

 

Hello Joe, hope you have a wonderful weekend . Immersed in the kitchen remodel. I hit a few snags on the heloc. Originally the bank said I had access to $60,000, they did numbers wrong and it was going to be more like $25,000. I still had to then do the appraisal which was free to see what my options were. It was originally appraised in 2009 at $264,000. This time came back at $260,000. A lot of multi families in my area have been abandoned last few years so they are all selling very cheap.  I know we talked about selling if they could not offer more than $50,000. Would like to talk to see options.  

 

 

Originally the client came to me to refinance which I recommended against, as the plan for the property is to sell in the near future. To spend the money to refinance would make some sense if the plan was to keep the property long term.

 

The client may now have challenges if the appraisal doesn’t come in high enough to get the cash out that is needed to handle renovations.

 

Fortunately, if the client needs to borrow against his retirement account he can still accomplish obtaining the funds that are needed.  

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 2 commentsJoe Petrowsky • June 21 2019 03:13PM

Comments

Good morning, Joe Petrowsky there's always a plan B to "fill in the blanks"....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 5 months ago

Good morning Joe. Best to know the cash is available before commencing the work. Should have contacted you first. Enjoy your day 

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 5 months ago

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