Just wondering if I will owe any money if they put it with a realtor and they sale it.
2007-03-15 09:44:36 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
So it went back to the lender, and they will list it and sell it. You're done, walk away and wash your hands of it.
2007-03-18 16:17:30 · answer #1 · answered by SndChaser 5 · 0⤊ 0⤋
Since the property did not sell at the auction, the lender will now place it with a local real estate broker for sale for as much as the market will bring.
Unlike a car if the dealer can not get market value from the auction or sale of a car he will come after you for the difference, in real estate this does not happen.
You will not have to pay a real estate commission either,nor will you get anything if the house brings more than what the mortgage was owed. You only get the overage if the bid goes over what is owed on the mortgage balance if the house sells at the auction.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-03-15 10:37:18 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
If they don't get the amount that you are owing on the property, they could come after you for the balance. I would talk to the realistate people that are handling the sale and tell them how much you owe and ask them nicely if they could get the highest price possible on the sale. Inotherwords don,t take a low ball offer. That may just get you off the hook.
2007-03-15 09:57:22 · answer #3 · answered by Bruce 4 · 0⤊ 0⤋
On foreclosures you owe money if a sale [regardless of by whom] does not garner sufficient money to pay the total amount of money owed. Should a realtor take it on to sell it you would be liable [in most states] for the % commission.
2007-03-15 09:49:34 · answer #4 · answered by sage seeker 7 · 0⤊ 0⤋
The mortgage company takes possession, sells it for what they can get. If there is a balance owed on the mortgage, they will look to you to pay the difference.
2007-03-15 09:49:28 · answer #5 · answered by regerugged 7 · 0⤊ 0⤋