Know your equity!

Putting this out there for those who may be struggling financially, and may be an option for you to “slow the bleeding.” I learned this through a recent transaction I just did.
Buyer had to put 5% down on a $500k home (that’s $25k down).
They had a 2018 Toyota 4Runner SUV that increased in $15K in value due to the pandemic shortages and “chip” shortage.
They had a 30 foot 2016 RV that they made $7k on. RV sale prices skyrocketed through the roof during the pandemic because you couldn’t go out anywhere, so people chose the RV route to live some kind of “normal life.” Demand went up, so did the prices.
He even made $200 on a Garmin smartwatch? REALLY? All used stuff!
My point? Know what you have and what its worth is. Not an all inclusive list here from what he told me, but he made his entire down payment with stuff he already owned and was comfortable with parting with without touching any liquid cash. I thought this was crazy! He even had money left over to buy a 2015 Malibu with 80k miles for $7k from his neighbor after all was said and done. Most stuff he hadn’t touched or used in years.
Just something to consider if helpful.


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