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You can defiantly use the money, but you will have a few hurdles in front of you. The place will have to appraise for the righ amount in order to take cash out, and the big thing these days is dealing with a lender, because they be very stingy. Good luck to you for if you can do it will be a good move in this market.
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For Sale: $262,500
For Sale: $1,295,000
For Sale: $599,500