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selling home, making very little profit: advisable?

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    #1

    selling home, making very little profit: advisable?

    Hi...

    I filed bankruptcy and the home was discharged in the bankruptcy august 2006. I have received an offer to buy the home just recently and I stand to basically break even. My agent is telling me that I should at worst break even and he would give me a $500 check after he gets his commission check from closing.

    I am fearful that I will end up owing money in all this to the bank at closing somehow and everyone but me makes money. Can I back out at closing if that is the case? Also, the house is in foreclosure, will it show as foreclosed if i let it go, even though it was discharged in bankruptcy??? It was a chapter 7.

    I am not sure what to do:

    1) sell the house and walk away with at least $500
    2) say screw it and let it get foreclosed on

    will the foreclosure go on my credit record even with it being discharged?
    is my realtor trying ot get over on me???

    I can use the 500.00 but what is the risk to me legally if I get to closing and it turns out more is owed or whatever than expected and I end up having to write them a check?? Is that possible? Could I back out at that point??

    thanks...
    Tags: None
    #2
    You need a firm pay-off figure from your lender.

    We got a last minute offer to prevent our Foreclosure sale from happening. In our case, we missed 5 month's payments. The lates, penalties, and interest, plus legal costs of the Foreclosure were included in our pay-off.

    The Buyer's offer to purchase was over $2K short to close the deal. There were Realtor's fees, Title Co. fees, taxes, and such included in there as well. But still, that was $2K+ that we did not have. The buyers came up on their offer, their realtor took a commission cut, and we were able to pull the deal together.

    Before you agree to go to closing, get a pay-off figure from your Lender, and a closing statement from either the Title Company or your Realtor detailing all the costs and showing the bottom line. You need to know exactly where you stand before you sign the papers to sell.

    If it's gonna cost you $$$'s you may just want to let the house go in Foreclosure.

    Yes, Foreclosure will show on your Credit. If the Foreclosure and your BK had happened in the same time frame, prospective Creditors would have viewed the 2 as one single incident. With a time lapse between the BK and now the Foreclosure, prospective Creditors will see that as 2 seperate and distinct events in your Credit history.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

    Comment

      #3
      Re your home sale

      Yes you can sale your home and walk away from it. As far as how much you may or may not own depends on who is buying it. Are they looking out for your best interest?

      If you have question you should go to << hyperlink removed >>
      and try applying there for help.

      These people will try to make sure you walk away owing nothing when its over.
      Last edited by SinkingFast; 10-02-2006, 05:05 PM. Reason: Removed advertising

      Comment

        #4
        sold the house with 3 days to go before the auction sale!!

        I walked away with $1,000 in my pocket....so i guess all is well....

        :-)

        and no foreclusre on my credit report, just lates...

        Comment

          #5
          WooooHooooo!! ToD!!
          Filed Ch 7 - 09/06
          Discharged - 12/2006
          Officially Declared No Asset - 03/2007
          Closed - 04/2007

          I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

          Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

          Comment

            #6
            selling home

            If I fall behind on the mortgage payments is it common for offers to be made by investors to cover the current mortgage? Sounds like that is a good alternative to short sale or foreclosure.

            Comment

              #7
              Depends on your LTV ratio.

              If you have significant equity, you may find an Investor that will offer enough to pay off the existing mortgage. But that was not our experience.

              We needed to sell. Rather than spend money to get "market ready" we contacted several of those companies that will buy your house "As Is". Why fool around with showing the house if we could sell quick and get out??!! WHAT A JOKE!!!

              One guy pulled "comps" of houses near us that had sold and closed 2+ years prior. And the houses weren't true "comps". His comps weren't similar at all in size or build style. The houses he used was like comparing apples to oranges. His bid was over $50K less than what we owed and nearly $100K less than what we should have sold for.

              You can try it. You may get lucky and find someone willing to give you a decent deal. But don't hold your breathe.
              Filed Ch 7 - 09/06
              Discharged - 12/2006
              Officially Declared No Asset - 03/2007
              Closed - 04/2007

              I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

              Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

              Comment

                #8
                Besides all the great info from above posts....the 500 bucks is a kickback and ILLEGAL. This is an unethical agent and probably will not be giving you a check. Read between the lines if you go with it.

                Comment

                  #9
                  Ohhh, one more word on the matter. Comparables, (comps) should not be more than 6 months old in a good market. In this rapidly declining market, they should be no more than 3 months old. They can be outside the community but as stated above, should be of equal style and ammenities.

                  The real estate industry is hurting along with all the ancillary services. All affected are agents, mortgage lenders, home inspectors, termite companies, building suppliers, contractors, title companies, real estate lawyers, etc. Be careful and do your homework when these services are needed. Everyone is prospecting for a smaller piece of the pie.

                  Comment

                    #10
                    Originally posted by B12 View Post
                    Besides all the great info from above posts....the 500 bucks is a kickback and ILLEGAL. This is an unethical agent and probably will not be giving you a check. Read between the lines if you go with it.

                    I got a good deal that way, and he put it all in writing
                    on what he would give me, so if this was illegal, why
                    would he put it in writing, that would be dumb, if agent
                    wants to give away part of his commision, whats
                    illegal about that?

                    Comment

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