I know this doesn't seem to make much sense but with the way prices are dropping in Michigan I could sell my small home for about 5-10 thousand less than what I owe and there are much nicer homes around the corner that are selling for $100,000 less than what they were worth 3 years ago and is roughly what my small house (and my mortgage payment) was worth back then.
Should I first talk to a realtor or a mortgage broker?
2007-11-05 08:49:46 · 6 answers · asked by parkdad73 1 in Business & Finance ➔ Renting & Real Estate
If you are selling your house below the mortgage amount, you may be in for a surprise from your lender. I don't suggest you do that if you don't have to. If you aren't in trouble making your payments, your lender isn't likely to care about your scenario. I would sell for what the market will bear and buy what you want. So my suggestion is to talk to 3 Realtors about your home and get it listed. Then decided if one of them will be the one to help you buy the next home. You don't have to use the one you list with, but they will want you too!
2007-11-05 08:56:54 · answer #1 · answered by Anonymous · 0⤊ 1⤋
If you have the cash to pay the difference between the existing mortgage and the proceeds of the sale, you don't have to talk to anyone.
If you're thinking the lender will settle for less than the current mortgage balance so you can buy a bigger house that you consider a bargain, you're dreaming.
2007-11-05 10:27:57 · answer #2 · answered by Debdeb 7 · 1⤊ 0⤋
find the realtor! They will be able to recommend your next step and it may not be what you think! Seriously your best be may be to try to rent the one you own and find another one for yourself. Find someone who can afford to pay your mortgage and then scale yourself back for just a little bit until you can get your feet square under you again. Then move on those other houses!
2007-11-05 09:24:09 · answer #3 · answered by helprhome 5 · 1⤊ 0⤋
The only way you can sell below what is owed is if you make up the difference at closing in cash to pay off your current loan.
2007-11-05 09:01:39 · answer #4 · answered by Leo F 4 · 1⤊ 0⤋
I KNOW you could not possibly be suggesting that the lender 'forgive" a deficit and eat a loss merely so you can turn around and buy a "nicer" home, because that would be absolutely ridiculous and outrageous.
2007-11-05 09:20:16 · answer #5 · answered by Anonymous · 2⤊ 1⤋
a Realtor but you will have to come up with difference in the amount you owe and what you sell it for.
2007-11-05 09:03:07 · answer #6 · answered by ? 2 · 1⤊ 0⤋