Is it possible to in fact flog a home that you enjoy two mortgages on if your house isnt worth both mortgages?
I have two mortgages equalling approx. $210,000. My home at the most is worth 200,000. Can I still sell my home?
Answers:
I'm somewhat surprised that your bank let you borrow more against the home than it is worth.
But yes, you can vend it ~ you'll have to bring $10,000 to the table (plus closing costs and real estate commission) when you market it though. Source(s): me ~ former real estate broker ~
You can sell your house for doesn`t matter what price you can get for it- whatever someone is liable to pay. The problem is you will still owe the $210,000 (unless you already paid some of it off). If you supply the house for less than that, you'll have to come up near the extra cash yourself. And how will you buy a new place?
I'm surprised the bank were willing to lend you $$ for more than the house is worth!
Yes - but you'll own to come up with the $10,000 difference (or whatever it is) contained by cash.
If you can make your house really attractive, you could find a buyer of a mind to buy it at your asking price or create a bidding war and get multiple bids.
I know the wholesaler of our house held out for her asking price which in my opinion be $10,000 more than it was worth, but I still bought it because it was everything I needed.
Good luck with that. Meanwhile houses are staying on the market longer and longer. People across the street hold a nice home and it's been on the market close to 6 months.
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Answers:
I'm somewhat surprised that your bank let you borrow more against the home than it is worth.
But yes, you can vend it ~ you'll have to bring $10,000 to the table (plus closing costs and real estate commission) when you market it though. Source(s): me ~ former real estate broker ~
You can sell your house for doesn`t matter what price you can get for it- whatever someone is liable to pay. The problem is you will still owe the $210,000 (unless you already paid some of it off). If you supply the house for less than that, you'll have to come up near the extra cash yourself. And how will you buy a new place?
I'm surprised the bank were willing to lend you $$ for more than the house is worth!
Yes - but you'll own to come up with the $10,000 difference (or whatever it is) contained by cash.
If you can make your house really attractive, you could find a buyer of a mind to buy it at your asking price or create a bidding war and get multiple bids.
I know the wholesaler of our house held out for her asking price which in my opinion be $10,000 more than it was worth, but I still bought it because it was everything I needed.
Good luck with that. Meanwhile houses are staying on the market longer and longer. People across the street hold a nice home and it's been on the market close to 6 months.
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