Newbie here, who's been reading a lot on this site and majority of the book. Thanks to all you have provided their examples.
I've found a great REO (Bank Owned after unsuccessful foreclosure) up for sale, $75000. Local Property Appraiser site and Zillow.com (shows estimates of property and overhead shots of property) show equity at $165,000. I will be a 1st Time Buyer and would like to pull equity out at the original closing.
Is it possible to pull 40k in equity out at closing?
Or do I have to close, hold the property, until it seasons ( make some monthly payments - 6mths/1yr), and then re-finance or take out an Home Equity Line of Credit (HELOC)?
Thanks for any help.
(I've provided the definitions for the other newbies)