Updated about 12 years ago on . Most recent reply
Help! Pulling Out Equity
I have a buddy who bought a duplex in Chicago about 1 year ago using FHA loan, he has owes $58,000 but it's worth $160,000. He recently lost his job and the bank won't allow him to refinance and pull out any equity. Is there a way that we can work together allowing me to assume ownership and pull the equity out? I Have a fulltime job and I'm a Licensed real estate agent. Please Help
Most Popular Reply
Well, it wouldn't work for me if I was the friend!
You say it's worth 160k.. if it could indeed sell for around this then your friend could clear closer to 90k from just selling it on the open market.
What is the incentive to sell to you? And what is your incentive? It seems to me that your involvement (as you are describing it) would simply minimize his profit at a time of difficulty. I think a real friend would help him find a kick-*** realtor who could help him get top dollar for the property.