need some help. im a disabled 43 year old living in a 2 bedroome 1 bath house there are three of use living here two adults and 1 fourteen year old boy need bigger place, no one will buy it, it needs to much work and has a mortgage too. what an i to do? can i walk away from it?
2006-06-12 09:22:58 · 6 answers · asked by lonn40 1 in Home & Garden ➔ Other - Home & Garden
Rent it out. Have the renters fix it up and deduct all costs related to the fix up from the rent. Also check out the internet. Some one will buy. Depending on where you live. If you walk away you will have horrible credit.
2006-06-12 10:00:20 · answer #1 · answered by lulu-in-cali 1 · 0⤊ 0⤋
First off How much is your mortgage compared to the value of the house? In other words lets say for example your mortgage is 50000 dollars but your house is 75000 dollars that leaves you with 25000 dollars of equity When you sell you will receive 25000 minus real estate costs and any capital taxes you have to pay which comes off the top. You can then use that as a down payment Also you may enquire at your village or town clerks office if they have some type of renovation grant for the disabled or income challenged person. Are you asking fair trade value for the house. Usually when your house is assessed they assess the house at 50 percent of the value. So if your house was assessed at 50000 then your true market value may be around 100000 and that's what you would ask for it. Sometimes a real estate agent might buy the property as well so you may want to check into that.
2006-06-12 09:34:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You want the easy way out, just walk away, and destroy your credit go in bankruptcy, it will be twice as hard to rent somewhere else and let’s not even talk about buying….
Fix it up, and put it to rent, maybe mortgages are to high, maybe people are afraid of “committing” on the purchasing of a home, but it sounds better if it’s a short term commitment (1 year lease) it might even pay the mortgage for you…. You can even rent to own
2006-06-12 09:29:54 · answer #3 · answered by sara76c 4 · 0⤊ 0⤋
Try the "I buy ugly houses" web site. Not sure of the address.
2006-06-12 09:30:46 · answer #4 · answered by Badkitty 7 · 0⤊ 0⤋
you sound like a perfect candidate for one of those many shows on TV where they come and renovate your house
2006-06-12 09:25:46 · answer #5 · answered by bbq 6 · 0⤊ 0⤋
Where do you live and how much are you asking?
2006-06-12 09:26:18 · answer #6 · answered by Debbie 4 · 0⤊ 0⤋