I have a paid off house and I’d like to open a HELOC against it for about 30% of it’s value, or about $250,000.
It will be paid back in 6 months. I’m in Missouri. How do I find this?
This actually happened to me recently as a buyers agent.
Working for buyers in a very specific area to purchase. Not many homes come on the market, maybe 5 in 2 months time. We look at them all and I find a coming soon that is ready for 7 days out. The love the pictures - but the location is bullseye which made it highly desirable. We are the first group in the door when it’s active and they love it even more. Their feedback is we can’t lose this house - I pull comps and show they should offer 10k over list price, plus normal inspections and contingencies.
Open house happens and they go to that - it’s packed!
The sellers are working in a trust, our deadline is ignored, but they accept it like 12 hours later. SUCCESS! You would think my buyers would be thrilled. But the first message I get back after passing on the exciting news is I think we overpaid by 10k …. Can we change the price?
I reiterate the comps, the demand, the location and they still act miffed their offer was accepted. But they don’t cancel so on to inspections. At least 3 more times overpaying is mentioned, and I finally figured out why.
They shared screenshots of the inspection report and the dialogue chat GPT came up with. They must have mentioned they “overpaid” and that chat took every chance through the process to agree with them! It was a little infuriating.
Finally the appraisal comes in - and it’s a full 28k over the list price! ($300,000) I guess they updated chat because I stopped getting texts they thought were overpaying. After 4 weeks of tilting at windmills, I’ll take intrusive parents any day. At least they can be reasoned with.
Have fellow agents had a run in with the new other parents?