AboutJohn Expertise I have studied Real Estate for over 7 years and my wife is a Realtor with Century21. Need help buying, selling, Landlord-Tenant, foreclosing, loans, and alot more, I can help you or show you where you can find the help. Wife has a web site at www.YorkPAHome.com with alot of info on it for almost anyone. Wife is a Realtor in PA.
Experience Over 7 years studying and wife is Realtor.
Education/Credentials Over 7 years studying and wife is Realtor.
Question Dear John,
We own 2nd.house and we found a buyers but that's where I need your advice.Principal balance is about $180.K but we took Equity of $100.k so that makes us own $280.k but my buyer are offering me $265.k and I really want to sale it.My questions is obviously , what will happen to the Equity $ that will not be covered with this sale? and I am not able to pay off .
Thanks,
Brad
Answer Brad,
Very simple, if you do not pay off both balances, the house will NOT sell.
You need a free and clear title to sell. By not paying one off in full, that will not give you a clear title that is needed for the title company.
There is always the short sale option. But that is not for the every day person.
You will need a Realtor that knows how to handle a short sale.
I just watch my wife, who is a Realtor, just settle on a short sale. It was a lot of work. And if you do not know how to do it, forget it.
