HI,
My daughter wants to sell her house and move back into the city.
The suggested listing price is less that her mortage by roughly $10,000.
Since she can’t afford this potential loss is there anything she can do other than let the house go back to the bank? How would this affect her credit or a future home loan?
thanks for you help
Luci
I am so sorry your daughter is in this position. You are dear to be helping her! I own a real estate brokerage and specialize in short sales, however your daughter may not need to short sell if there is any way to reduce her costs to sell so that she can hopefully make up that 10k difference. What is the price point of her home?
I found out today that they listed their home for $99,000.
If it sold for this amount they would break even, or there about.
However the realtor is thinking they may have to drop the price to around $89,000 to get it sold. That would put them in a bad position.
They are current on their payments so far. With the cost of gas these days and being 45 minutes from their jobs it is making things more difficult.
Any suggestions?
Thanks
Luci