Feb
24
What is a quick sale(for a house) and how does it work?
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going through divorce and can’t afford the house, or the payments told that I can call bank and tell them and not make any payments and put house up for sale and hope for the best. thanks
Passive Income
Can someone explaine to me what is quick sale( house) and how it works? I can’t afford my mortgage payments any longer due to my financial difficulties. I don’t have any late payments yet. Didn’t get any favorable answer from bank…property is not worth what is still owed on it…my friend said I have go for a quick sale…. I don’t know how...
Does anyone have feedback on Quick Sale House Companies in theUK? Good and Bad experiences please? We are trying to relocate to set up a business, unfortunately the one thing stopping this is a house sale. It has been on the market for two months now, we had a buyer who dropped out. Have seen ‘Quick House Sale Companies’ on the Internet and wondered if...
Whats a good company that would buy your house for quick sale and wont rip you off,? We are moving out of country and dont want to use a real estate agent, cause it would take too long,want to move in a month. And will give us a fair price within what is value in the area.Sell House Quick ...
Anybody used quick sale co’s for house selling that operate on franchise basis? Has anybody sold their home to a quick sale company that operates on a franchise basis? So you are not actually selling to a company as such but to an Associate of that Company? would appreciate any feedback both positive and negative, thanks. Any pitfalls to look out for?...
Can you guess a short phrase that describes the successful and quick sale of a home/house? A short 2 or 3 word phrase will be marvelous. Thank you.Sell House Quick ...
4 Comments
February 25th, 2009 at 2:22 am
It’s a/k/a as a short sale. It is a pre-foreclsoure measure and basically means that all proceeds of sale go to the lender…….you don’t get anything out of the sale.
February 27th, 2009 at 4:38 pm
if you stop making payments you are going to risk losing everything, and having foreclosure on your credit report, ruining your chances at another mortgage. Get it on the market - priced below other comparable homes in your area and hope for the best.
March 1st, 2009 at 8:19 pm
You need better advice so good thing you have asked.
If you stop making the payments you will take a hit on your credit. The hit can last 7 or more years depending on what happens. A foreclosure (actual loss of the property) is very negative and will follow you for years.
Speak with the bank. Also talk with your divorce attorney. As you are married the other party is also at risk and has responsibilities.
The bank might be able to defer some payments or work out something while the property is actively being marketed. A short sale might make sense if it works out that the property is not worth what is still owed on it. It is not an easy process and can still result in some negative marks on your credit.
Do not Quit Claim your interest in the property if you remain on the mortgage. You do not want to lose control of the property while you are on the mortgage.
A lot more info would be needed before possible courses of action could be identified. Continue to post questions or check with advisers who have demonstrated skills in this area.
The link below is mostly for investors but you will find articles and how-to info for short sales and foreclosures. You can post to the forum if you want to ask advice. You can also just search the achieves for info.
March 2nd, 2009 at 5:08 am
the best way would be to go through a real estate agent and if the home is’nt paid you would have to the agent call your banker,you also would have to agree on a price with your husband and if all else fails let the lawyers settle good luck