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CLAY
No, you can’t. We tried to do that but they didn’t tell us 6 months. They said 2 weeks. The bank with which we wanted the Equity loan said the realtor would hav eto send a notarized letter stating that the house was no longer on the market.
GIOVANNI
It’s different depending on what bank you’re dealing with. Most lenders would like to see at least 6 months. However, there are some out there that will except less time. For example, Wells Fargo only requires 3 months after being listed. You might be able to go to your local bank and obtain one with proof that its off the market, and there’s no intention of selling.
The bank is mainly worried about you pulling all the equity out of your home, then not making the payments and letting the house go into foreclosure. Especially if your house sat on the market for a long time.
BENNETT
No bank is going to give you a home equity loan on a house you are selling. They are right, it has to be off the market for 6 months before you can apply. Even if you’d listed it yourself they would have been able to find out if the house was up for sale.
ABEL
Typically the banks, I know and work with won’t give you a home equity loan on a rental or investment property, it is given on primary residences.
If you built the home and paid cash, and you don’t owe anything on it, you can do a cash out refinance on that property even if it is not your primary residence. Again, different lending companies have different underwriting rules for loans against properties currently for sale or recently withdrawn from the market.
If you have a mortgage on the home you built, you should probably speak with that lender about your options. Hope this helps.
ABRAHAM
Some lenders will allow exceptions. Most likely you will have to de-list your property and show proof of it. Keep in mind that there is an added cost for properties that have been recently listed. Your best bet would be first to contact a few mortgage brokers in your area, they would have access to a wide pool of lenders and banks with a few offering such a product. (Remember to keep it local)
A lot people giving advice are also looking to give you a loan, if they are not local to you and you can’t get to them in person within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL, STAY SAFE.
Remember Buddha’s advice:
“Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.” You are the only “expert” you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is “selling” you something. Don’t buy “it.”