What if my house sells for less than what I owe?

Question

we're relocating and must sell current house. am worried that house will not sell for what I owe. what is the best way to cover the difference.

Answer 1

You pay the difference which is not good as you also have moving expenses, a down payment on the next house, etc.  You can take out a loan to cover the difference but are then just adding onto your problem.

Answer 2

PRICE  IT FOR MORE THAN YOU OWE,  THEN MAYBE YOU WOULD  GET AN OFFER FOR WHAT YOU ACTUALLY OWE, OTHER WISE YOU WOULD PROBABLY HAVE TO PAY THE DIFFERENCE

Answer 3

some lenders may add/transfer to loan for new house...check with your mortage company.

Answer 4

This is something that you should discuss with your agent.  If you owe more than it's worth you pay the difference.  Your agent will be able to help you with pricing your home so you may be able to make money.

Answer 5

then ur f'ed

Answer 6

Simply ask for a price that will cover you.  Don't throw away any equity you have earned in the house either.  If you have to leave beforehand, assign an agent and instruct them on your conditions.  Give them a contact number if any questions too.