my home is going thru foreclosure,is there anyone who can buy as a quick sale,and can I make any money off it. hve about 15,000.00 equity
2007-11-04 11:35:22 · 6 answers · asked by billhdrk 1 in Business & Finance ➔ Renting & Real Estate
15k equity is not very much. So you want someone to buy your house and give you the money. I don't think that's going to happen with the way the market is. I do know that when they foreclose on a property.....the starting bid is whats owed to the bank. If they bidding goes higher (if your property is desirable to an investor) you will get what's left over, minus liens.
example:
starting bid: 100k
bidding: 110K
federal liens: 5k
balance of 5k in your pocket
I hope you work things out. Good Luck!
2007-11-04 12:04:24 · answer #1 · answered by ziggymo2 2 · 0⤊ 0⤋
If when you purchased you had 15K of equity, that may not be true in the present time, you only have equity if the homes market value is more than you owe on it. In most cases the value of the home has gone down compared to when you purchased it, and if you purchased it with 100% financing, no you have no equity in todays market. The value of a home is not what it was appraised at a year ago, even three months ago, but what the market right now will offer for it, that is the appraised value, or what it is actually worth.
2007-11-05 10:59:27 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
I MIGHT be interested in buying IF the numbers were real but if you have bought in the last 5 years and are basing your "equity" on the price you paid versus what you owe then probable the house is worth LESS then you owe. And it also depends on what is the price of the property, 15K is a bigger % on a 40K house then on a 400K house. Give me more details like city, sqft, age, beds.baths, condition, when you bought it and amount owed. If you have tax id number or parcel number that would also help. And you need to consider that a sale cost about 7% of the appraised value of the property so have you taken those costs into consideration?
2007-11-04 13:14:00 · answer #3 · answered by Jerrold J 3 · 0⤊ 0⤋
Someone may offer to buy it for what you owe but with only 15K equity they may not offer that much. The 15K equity isn't real until you sell it you don't know what it is really worth. If you had an appraisal you would have good guess other wise what you list at may not get a nibble until you reduce the price and offer concessions.
2007-11-04 11:48:35 · answer #4 · answered by shipwreck 7 · 1⤊ 0⤋
15,000 is not enough equity to consider for anything. You will be lucky to sell quickly for what you owe. If you try to make a profit you will just blow your chance to sell in time.
2007-11-04 12:05:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Where is it located? I know a buyer looking for some cheap realty :-)
EDIT: I am serious though... I really do know someone looking for some property that they can buy to rent out!!!
2007-11-04 11:42:42 · answer #6 · answered by shamilton04260 2 · 0⤊ 3⤋