 Can I still sell my house if I have a mortgage? |
| I bought a house a couple years ago for $213000...it was appraised at $215000...we have two mortgages to cover the whole $213000...If we were to sell our house for $210000(housing costs have actually ... |
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 Real Estate Question? |
I have 48 acres located in Webster County West Virginia. 46 acres are timber, and 2 are field. I own the Oil, and Gas rights on this property.
I've been trying to sell this land for ... |
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 HELP!!!! I just signed a month to month lease, the apartment is terrible. How do I put in my notice to vacate? |
Wait till my next rent payment or turn in as early as now?
The apartment was not ready to move into when the first told me it was and rented to me. I had at most luke warm water for the ... |
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 I would like to know if it costs anything to put your home on the market to be sold? |
| Also, we were considering doing this through Keller-Williams Realty. If you've ever dealt with Keller-Williams, what was your experience(Good/Bad)?... |
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 Is There A Mortgage Available For Someone Like Me? |
| Here is the situation: I am currently living at home with parents. I am not a home owner and I do not have my own property. I am looking to get my foot on the property ladder and purchase my first ... |
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 Financially, is it better to pay off my car or buy a condo/townhome? |
| I have a year of car payments left. My apartment lease is up in May. I can pay the car off soon, or keep those savings for a downpayment on a condo/townhome. I'd essentially just delay paying ... |
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 How Do I get out of an apartment Lease? |
| I signed for a lease last night and I went back in the area today and seen it was a really bad neighbor hood. Since I have not moved in yet, and not even gotten the keys, can I get my deposit back, ... |
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 What does a Realtor really do? |
| My husband and I recently put an offer in on a house. The realtor that we used is really rubbing me the wrong way! The market here is VERY slow and he is overly desperate for the commission which I ... |
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 Is it a good time to buy a house? |
| I am in NJ. It looks like house prices have come down a little (nothing drastic). Meanwhile interest rates are not going down. Should I postpone buying a house? How can someone keep track of how ... |
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 Can my rent be raised if I am in a lease.? |
If the owner of the shopping center sells his property can the new owner raise my rent or make me leave to tear the building down?
Additional Details
The building hasnt been sold yet but ... |
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 I am moving out for the first time in 3 weeks time, im nervious as im frightened ill go into debt |
| i feel i can afford to move out but im worried i wont afford bills n stuff. my friend is moving in with me. any hints or tips to stop me worrying on how to manage my money and bills better??answers ... |
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 I am on a 3 year rental deal just and wish to buy, can any percentage of the rent be used as my deposit? |
| i wish to purchase the property which i have just started renting, can any percentage of the rent be put towards my deposit from my ... |
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 Why do lower income neighborhoods have crappy lookin lawns? |
the grass is dead in the summer. weeds grow up the sides of the house and over the sidewalk.
Not all houses, but most of them.
Don't they have pride in their property?... |
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 Mortgage help for a first time home buyer? |
| I am looking to get out of renting, and my lease is up in almost 3 months. (end of Dec). Question 1. When should I start looking for a mortgage, to be preapproved or prequalified? Question 2: what ... |
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 Where to adverise my services in Real Estate and Mortgage? |
Want to advertise and marketing my services as a Realtor and a Mortgage Broker in Florida. Anyone knows what is the best way and for free? I just started in the business.
Thank ... |
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Gloria P | Is it legal for banks/mortgage lenders to sell a foreclosure for more than what's owed?($19,000) |
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One Sailors Lady
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This depends on what stage of foreclosure the property is in! If the home is up for auction, they can sell it for however high people will bid. Of course, auction is different from a short sale, which would occur on the time line BEFORE the property got to auction. Once a bank forecloses on your property, they want to get it off their hands as quickly as they can, because it is a liability to them, but there is nothing that says that they cannot sell for a profit. It is simply difficult for them to do so, because real estate investors are looking to these "motivated sellers" for low prices. The bank owns the house after a foreclosure... so think of it this way... if you had a mortgage on the home for $19,000 and you were up to date on the payments, but YOU wanted to sell the home for more than it was worth, could you? Of course you could, because you owned it. You would at least be asking for the fair market value! |
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Kalex
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The bank can ask whatever they want for the property. Once it has been foreclosed upon, they own it. |
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Capitalist
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Yes. |
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acermill
 |
Of course it is legal. The bank will doubtless have additional expenses (legal and otherwise) involved in foreclosing the house which raise the costs including the total of the outstanding loan.
There is nothing which says a lender must sell for only what is owed. |
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J.C. P
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If the bank gets less than the amount owed int he sale, it can keep chasing the homeowner for the deficiency. |
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Gary W
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check out http://www.lemonshell.com/legal/foreclosure.aspx |
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I Buy And Sell Houses
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Yes.
Once the bank/lender owns a property, it can sell it for as much or as little as it likes. And if the property is worth more than what's owed, it can sell it for more.
However, if you're in a situation where there's a lot of equity in the property, and it hasn't gone to foreclosure yet, you'd be better off listing it with a Realtor or using a "We Buy Houses" service.
For example, suppose the house is worth $100,000 and there's a $19,000 mortgage. A Realtor might list the house for, say, $90,000 to get a quick sale for you. After commissions and other expenses, you'd end up with roughly $81,000. Subtract the $19,000 you owe, and you'd pocket about $62,000. The only difficulty there is that it might take a little while, even with a low price, to go through the complete transaction--30-45 days.
With investors who buy for all cash in 10-14 days, the only additional question they'd need to know is how much the house needs in repairs. Let's say $10,000. Using the same scenario, assuming the house would be worth $110,000 in fixed-up condition, an investor would offer you about $55,000. After taking care of the mortgage, you'd end up with about $36,000 in cash in 10-14 days and avoid foreclosure.
So, if there's time, use a Realtor. If there's no time, go with a "We Buy Houses" company.
Hope that helps. |
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Bubbles
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YES, they are allowed to get the value of the home- the bank needs to make money too- they have to pay their employees.....
I don't understand why so many people think they can buy a house for just what is owed? It cost the bank money to foreclose on the house- they have to pay the outstanding bills like water and gas...... It cost that bank more money then what you think to close on it. |
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Expert Realtor
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Yes, why didn't you think it was?
Keep in mind, what is left over has to be returned to the homeowner. |
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