Quote:
Originally Posted by retiredguy123
According to Zillow, the house is worth $554K. The obvious possible solutions are to either get a mortgage on the house and use the cash to pay bills, or to sell the house and buy a less expensive house or get a rental. The missing information is what is her equity in the house?
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I think Zillow is way off (too high) with that estimate. We sold our previous home in Calumet Grove last March and Zillow says it is worth $90k more than we sold it for. It is not.
Zillow says they paid $381,500 in 2004. (That seems high to me but I could be wrong.) In any case, I would guess her home might be worth in the mid- to high-400's, depending on condition. If it hasn't been updated at all (which is likely, if her husband passed away 8 years ago) it could be worth less. She might have some equity in the house but not what it might seem like if you go by Zillow.
I agree that she should probably sell it and buy something much smaller. One person doesn't need 2200+ sq. ft. She may not have anyone nearby (adult kids or grandkids) to help her with packing up/moving out of a home where she has lived for 16 years and listing it for sale. Or she may be reluctant to leave the home where she and her husband lived together.
It would be great if a neighbor or two would try and help her. I don't know what we, as strangers, can do but I would be willing to contribute to a GoFundMe if one were set up.
kathy