Thursday, December 13, 2007

What if no one is interested?

The reason why someone is selling seems like an extremely important thing to understand. We would guess that there are circumstances where someone needs to sell a piece of real estate. Maybe their job moved etc. There are also folks who would like to sell their house because they want to downsize or upsize - they want a different house. Maybe they bought that house to sell it (flip). Hmmm...?

What do you do if no one is interested? No offers. No traffic. Nothing.

You need to sell your house vs. You would like to sell your house.

Well, the truth is that there is a price where it would sell. You then become less wealthy by the amount of the loss. What if you can't be less wealthy because you have no money. You owe more than the "it will sell at this" amount to the bank. You just might have to stay there; or you could just leave - let the bank have it.

Some people make a deal with the bank; sell the property and then set up a new loan (unsecured) with the lender. These people might be back to fight another day.

Some decide it just isn't worth it and they punt. These people probably won't be back.

That's how this stuff happens.

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