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Can I sell my home for less than what I owe on it?
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You can try to sell your property for whatever price you like. You can only actually sell your property for what a buyer is willing to pay for it. The question is not if you can sell below what you owe for a property the question is can you afford to sell it for less than you owe?
The mortgage holder will want the mortgage redeemed upon the sale of the property. So if you owe more on your property than the sales proceeds you will have to bring funds to the closing table. One thing is very clear, no matter what you owe on a property the property will never sell for the price you need to achieve it will sell for its market value. That in-turn might be higher or lower than what you “need” to get for your property. |
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