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Posted: 5 months ago by cheeselog1234:
(Please do not upvote this thread)
Here's the situation. Let's say for example a homeowner buys a home when prices are inflated. Shortly thereafter, the price of that home drops considerably. Enough to a point that the homeowner owes more than what they could get if they sold the home.
This is happening all over.
If there were a nicer, larger home on sale for less than what the homeowner owes on their current home, do you think it would be possible for that homeowner to purchase that other home and short sale the current home?
Score: [-] 0 [+].
Posted: 5 months ago by horsefeathers:
It's probably going to depend on how much would still be owed on the existing home if the owner did a short sale, and the appraisal value (not sale price) on the nicer, larger home.
If the appraisal value on the nicer, larger home is more than the sale price, it may be possible, although I'm not sure what a mortgage lending company would do.
Score: [-] 17 [+].
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