How to convert equity in house im buying into cash at closing?

Alda
Hi, I'm buying an awesome house with tons of equity in it. The house isn't on MLS. Aside, from a "seller's concession" and "home improvement credits" how can I legally convert the equity to cash at closing? I'd rather not have to do a same day refinance or obtain a separate HELOC. I'm all up for legal creative ideas. Thanks.

Rosana
Due to all the fraud in the market place, the majority of lenders cannot do what you are looking to do. Unless you are in a area of the country that does not have a high forclosure rate, and the general market area if appreciating... I would guess to say there are not many options. You could go to a hard money lender and let them take a second position. Unless there are extenuating circustances that can be proven as to your low buy price, your pruchase price may have set the selling price in the area. Typically you cannot refinance for 6 months after your purchase.

Coral
First, only the appraisal will show what the 'tons' of equity is that you believe is in the house. Also, the title search must be completed, which will show if there are any liens against the property that have to be satisfied.The lender will only loan what the value of the house is, and then they'll become the first lienholder. The reason they want a second mortgage or equity line, is because those are secondary lienholders. So they wont' want to just give you the value without a paper trail. After all, what happens if the property's value decreases?

Marietta
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