We are filing Chapter 7 BK in Dec. (waiting out the 90 days since credit card activity). Anyways, since we have about 3 months I'm going to try to sell our rental property before we file BK so we don't have a BK and a foreclosure on our credit report. I'm just a little confused though about the process. We put it on the market last week for 63,500 (we owe 61,000 and we added 2,500 to cover the realator fees). We have had several investors interested in the property but no offers. Realator says because the roof is in REAL bad shape and needs to be replaced. He doesn't think it will pass the Buyer's Inspection. Since we are having trouble selling it (I know it's only been a week) but since nobody is snapping it up like we thought they would (63,500 is a steal on a home that was appraised for 85,000 last year) Should we lower the asking price to something RIDICOUSLY low like say, $50,000 "AS IS"....or will the bank even let us go through on a sale that is below what we owe on it??? We still owe 61,000......if we sell for 50,000 just to get rid of it will we have to come up with the difference before we close on it? Or can we sell it for whatever we want and then write the difference off through BK? How will that show up? As a foreclosure still since we weren't able to sell the house for what we owed on it and have it completely paid off in full???? I hope someone can help me with this cuz I'm really confused. Thanks!
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Hmmm, have you considered including seller concession. You can contribute up to 6% towards closing cost. I even seen cases where you can pay the first mortgage payments or the first two. The trick is to make enough to do that. I got another idea but PM for that one if you are interested.
You can also consider a short sale if the market is going down. YOu do not want to sell for less and come up with the difference, this can result in a red flag because your trustee can question anything withing 8-6 months timeframe.Success is reachable, stretch out your arm and grab it. -
i pm'd you freshstart....i have questions. thanks!
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