I want to sell my house in Orlando,fl. but the way the market is i don’t have that many options. I bought my house for 194,000 but now is worth about 135 to 140 somebody toll me that if i do a quick sell and i sell the house for the 135 or 140 the bank will take that. and won’t come after me for the rest.
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#1 by Wantmyadvice? at May 22nd, 2009
I think that is true. I bought my house and it was called a “quick sale”. It’s a weird name to give it because it took 6 months to close the deal. The sellers were about to be foreclosed on. The sellers told their bank that if they didn’t accept our offer to just go ahead and foreclose on them. I got into a $200,000 house for $115,000. Plus I had it where the sellers paid closing cost which were $6,500. They didn’t walk away with anything anyway so including closing costs didn’t hurt them at all instead the bank had to lose that. The bank did accept the offer. The original loan that the sellers had still had $135,000 owed so the bank lost. However, they would have lost more if the house had gone into foreclosure and sat here empty for a year or more. So, if you have the patience, a quick sale may be your best option. You could do the same to your buyer and offer to pay closing cost if you are walking away with nothing anyway. You can also list it “as is” so that you don’t have to worry about repairs. Leave that up to the buyer.