What are the chances that a realtor can sell the property on time, and what are the chances of us making money out of the whole deal? There is not equity in the house and we have a 1st and heloc on it..Can somebody who has been in the same situation or have experience with the real state market explain to me how the whole process works?
2007-05-07 10:21:46 · 1 answers · asked by jackie0468 1 in Business & Finance ➔ Renting & Real Estate
Your clues to your answer are in the terms 'short sale' and 'no equity'. This clearly indicates that the house will probably be marketed and sold for less than you owe on your mortgage(s). Accordingly, the lienholders will take all proceeds from the sale in order to partially satisfy their liens on the property.
Your chances of making money are zero.
As far as I am aware, any amounts over and above what the sale brings are discharged as debt you are liable for under Chapter 7 bankruptcy.
90 days is a very reasonable time period in which to find a buyer and bring the property to close, depending on the condition of your local real estate market.
2007-05-07 15:44:10 · answer #1 · answered by acermill 7 · 0⤊ 0⤋