How can I use a house fully paid in New Orleans as collateral to purchase a house in Washington state? Do I need to have the New Orleans house appraised?
- In 2010 my dad died leaving me the house he bought from my grandparents in the early 90’s.
- My Husband and I live in Washington state and the house my dad left
me is in the New Orleans metro area.
- My dad had paid off the house, borrowed against it, paid that loan off.
I have to go to New Orleans May 2018 to remove my dad’s name off of the deed etc. While I am there I want to get everything together before getting there.
I can’t sell the property as my mom lives in it as my dad and I agreed upon. Mom can stay in the house as long as she would like or until her passing.
My parents divorced when I was 12 but in 1999 my mom had a psychotic break down. She was diagnosed with bi-polar schizophrenic in 2012 but had been ill my whole life. After my moms first hospitalization in 2000 my dad opened his home to her as I was unable to take her in. They lived as housemates until my dad’s passing in 2010. I am an only child from their union (I was adopted) and I was left everything.
SO, MY QUESTIONS ARE:
Can I use the property in Louisiana as collateral to purchase property/a house in Washington state?
Do I need to have the property appraised and/or inspected while I am in New Orleans?
Since it is paid for how does equity work since there’s no mortgage on it?
Thank you for your time reading this and I appreciate the help in answering my questions.