Do you know somebody who attempted to sell their house, but decided against it because they were unable to get the price they wanted? Are these same people facing financial danger because they need money and now they can't get it because they previous listed their property? It's happening all of the time. Lenders often deny cash-out refinances if the property was listed in the previous six months. This can create a horrible situation for the distressed borrower who now has neither cash nor selling alternatives. Until now.
A couple of my lenders will allow borrowers to do cash-out refinance transactions ONE DAY OFF MLS!! This is significant, as it provides the borrower with a potential cash solution.
Of course, there are the standard qualification criteria: Fair FICOS, no mortgage lates, etc.
With house prices where they are I urge you to have your selling friends and family call me if just to discuss the alternatives in the event they can't sell their home and still need cash.
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