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Thank you all for your advice. A realtor suggested a listing for an attractive price of $240,000 to try to get a quick sale. We owe $180,000 on our mortgage, so it sounds like the only was to get any of our equity is to try to sell. If we refinanced we would still have a loan to pay off, and we are retiring so cannot afford one.
My suggestion would be to list the home right away, at a very attractive price, so it will sell quickly, and in turn, you will get your equity out of it right away. The longer you wait, and if the market continues to decline, it will lessen the amount of your equity/net proceeds at closing. If my team and I can be of assistance, please let me know. Take care, Karla
Assuming that you cant qualify for a new " cash out " refinance type loan to access your equity ..I think the only option will be to lower the price in a more aggressive effort to sell the property ( which will leave you with less sales proceeds at the end of the day )
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For Sale: $160,000
For Sale: $205,000