I purchased a house a year ago and depending on my job situation (I may have to move across country) I may have to sell. With the market cooling off, I don't expect any appreciation in the price and therefore may lose money on the sale. I won't have much cash to spare with the relocation. What options are there for people who owe money on the sale after settlement? Are there loans for such things?
2006-10-22 01:16:19 · 3 answers · asked by supafly1018 2 in Business & Finance ➔ Renting & Real Estate
yea but the interest rates are cumbersome...perhaps you can get a credit card or revolving loan and rent the place out
2006-10-22 01:20:28 · answer #1 · answered by koalatcomics 7 · 0⤊ 0⤋
You may want to look into finding someone who will do a lease purchase. Basically, they will rent the house from you and in a year or so they will buy the house from you at the price established. They usually will put down a large downpayment that goes towards the purchase price and then you can sell it for slightly higher than the market price because they will be buying it at a future date. Check with a good relator in your area.
2006-10-22 02:02:14 · answer #2 · answered by chocolatebabycakes 4 · 0⤊ 0⤋
You may want to investigate renting out your house if you can do it profitably. You must settle at settlement, meaning that if you owe money you have to write a check to make up the difference. The house is the asset for borrowing, so there are no established methods for borrowing to sell a house.
Investigate good real estate management companies and see if you can rent out your house. You could also try to sell it on your own and save the real estate agent's fee, if that would allow you to close in the black.
2006-10-22 01:21:01 · answer #3 · answered by nora22000 7 · 0⤊ 0⤋