I'm looking for a very specific type of real estate (a small house on 2 acres or less in an area where most of the lots are between 5 and 10 acres. To make it every harder the area I'm looking is a 7 mile long valley). When said property does come up for sale I would like to be able to pounce on it quickly with a cash offer. The property will cost about 400,000 or so. I receive a pension and social security that I'm able to live on (my current house is paid off). I currently have 200,000 cash in a Money market account, so I'll need another 200,000 or so in cash.
My options for getting the other 200,000 are:
1-Sell off some mutual funds in a brokerage account.
2- Close out an IRA that currently only holds low interest paying CD's
3- Pre-qualify for a short term loan (was told it would cost me about 5000,00).
4- Anything I might be overlooking?
I guess I could afford to approach this anyway I want, but being frugal has become a habit in my life and I'd like to do this in the smartest way possible.
Thanks very much
My options for getting the other 200,000 are:
1-Sell off some mutual funds in a brokerage account.
2- Close out an IRA that currently only holds low interest paying CD's
3- Pre-qualify for a short term loan (was told it would cost me about 5000,00).
4- Anything I might be overlooking?
I guess I could afford to approach this anyway I want, but being frugal has become a habit in my life and I'd like to do this in the smartest way possible.
Thanks very much