Posted on: 25th Apr, 2013 05:05 pm
Hi, I have some property in Ohio that consists of land that is zoned as two narrow lots but sold as one property, I guess, with a house that is over 100 years old and in need of some updating. The sewer is in good shape but some of the wiring needs updating.
My question is this...is there a way that I can use this property to purchase a place here in North Carolina when we find one? Or would I be better off just selling the place? I don't understand how to go about using the property as collateral. I still owe a little on the property, but will have it paid off next year. :?
My question is this...is there a way that I can use this property to purchase a place here in North Carolina when we find one? Or would I be better off just selling the place? I don't understand how to go about using the property as collateral. I still owe a little on the property, but will have it paid off next year. :?
Welcome cscott,
Do you want to swap properties? If not, then you can sell off the existing property once it is paid off and then use the money to buy a new property.
Do you want to swap properties? If not, then you can sell off the existing property once it is paid off and then use the money to buy a new property.
the easiest option is to sell this property then buy in north carolina.you can also think of home equity loan as an alternative.