Posted on: 03rd Jan, 2013 10:36 pm
We’re getting desperate to sell off our home for the past 1 year. We have even reduced the value of the property twice in order to get buyers. But nothing is happening. We are thinking of walking away from the house we have for sale. We are living in another house and are paying mortgage on that as well. Wondering if it would a good move? Any advice would be helpful.
First of all, find out the reasons behind not getting buyers for your home. You can also take the help of a real estate expert to find out the exact reason. Then work out in that direction as suggested by the expert. Then you are likely to find out a buyer.
welcome poppy,
i can't say that walking away from the property will be a good move. if you do so, the lender will foreclose the property. this will have a negative impact on your credit. it will be better if you could go for a deed in lieu of foreclosure.
i can't say that walking away from the property will be a good move. if you do so, the lender will foreclose the property. this will have a negative impact on your credit. it will be better if you could go for a deed in lieu of foreclosure.
It seems quite surprising that even after decreasing your property's value, you aren't able to get buyers. Find out the exact reason why you are facing such kind of problem. Taking the help of a real estate expert will help you handle such kind of problems in a better way. Regarding walking away from the property, there are high chances that the lender will foreclose your property. This will drop your credit score by several points.
If you have reduced the value of the property and still gained no interested buyers, you might need to find out the exact reasons why and work on them. Ask the help of a real estate agent because an expert will be able to help you handle your situation. Answering your question, I do not think that walking away is a good move, financially. Not paying the mortgage will force the lender to foreclose your property and a foreclosure on your credit report will drop your credit score and damage your credit rating. Check credit score regularly so you can set an appropriate mortgage budget until you are able to sell it off.