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Question about selling home and taking a loss

Posted by on May. 26, 2010 at 12:35 AM
  • 13 Replies

We have been looking at houses for awhile now because we have outgrown the home we are in and the prices right now are AWSOME for the buyer... but they suck for the seller. We estimate that if we sell our home we will take a loss of at least $40,000.... but how does one PAY for that loss? We certainly don't have that kind of money sitting around... even the cost for a down payment and the cost of a realtor is going to be questionable but I think we can do it....

SO for those who have recently been in this situation or have experience in realty... how does this work??

by on May. 26, 2010 at 12:35 AM
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Replies (1-10):
savannahs1mom
by on May. 26, 2010 at 12:41 AM

We didnt sell our house, instead we rent it out.

Heres a bump tho.

tennisgal
by on May. 26, 2010 at 12:44 AM

If you can't rent it, then you don't sell it.

If you can't pay for your mortgage, you can short-sale it but that is not your case. 

If you don't have the money to pay for the difference, then you don't have any other option. 

christiea
by on May. 26, 2010 at 12:44 AM
Short sale if payments are to hard
Posted on CafeMom Mobile
JMVITT
by on May. 26, 2010 at 12:47 AM

Rule of thumb, unless you are in financial trouble, never ever take a loss on your home or property.  Property values will go up again. 

AmiJanell
by on May. 26, 2010 at 12:50 AM

We  can pay our mortgage so short sale isn't an option... and it damages your credit anyway doesn't it?? We have good credit... I don't want to mess that up.

Are there any loans you can get or anyway to attach the outstanding balance on our current home to a new home loan??

AngelicaRenee
by on May. 26, 2010 at 12:54 AM

BUMP!

AmiJanell
by on May. 26, 2010 at 12:54 AM


Quoting JMVITT:

Rule of thumb, unless you are in financial trouble, never ever take a loss on your home or property.  Property values will go up again. 


Yeah the prices will go up again but so will the cost of all the other homes! The houses on the market now are MUCH nicer and larger than they were the market went to crap... even with a loss we would get more for our money than we could have 3 years ago... but I don't know how to do it. We could get a foreclosed home or a short sale for $100,000 less than it's worth so taking a $40,000 loss on ours would still be like making $60,000 when the market improves... right???





AmiJanell
by on May. 26, 2010 at 1:03 AM

BUMP!

LiesLiesLies
by on May. 26, 2010 at 1:05 AM

If you cant pay it off then it wont make it to closing.

You may be able to get a personal loan from your bank (though with no collateral on $40,000 that would be hard). 

LiesLiesLies
by on May. 26, 2010 at 1:06 AM

Also, if you cant afford both payments...and both utilities...insurance...taxes....then do not buy a new home and rent your old one out.

What if your renters move and you cant get new ones? What if they stop paying rent? What if costly repairs come up?

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