Selling House - Buying House - Need Cash

1 Reply

Is there a solution here?

Woman has a home in Brooklyn on market for $2.5MM.  She currently owes $180,000 on the mortgage, so a lot of equity.

She found another home in NJ she wants to move into that's $330,000, but doesn't have the money.  She's retired/doesn't work, and the majority of her net worth is in this home.  

House is already listed on the market, but she wants to buy this other property before it disappears from market.

Any thoughts?  

@David Weintraub I would imagine she could still pull a HELOC on the 1st property. You would have to find a local lender who can put it together quickly, but with that kind of equity it should be no problem. I have done HELOCs several times to help me buy investment property here in Lyons, IL, and I pulled it from my primary residence before selling the residence. FYI there is usually a penalty for doing this. In my case it was $300.