Is it possible to actually sell a home that you have two mortgages on if your house isnt worth both mortgages?
Question:I have two mortgages equalling approx. $210,000. My home at the most is worth 200,000. Can I still sell my home?
Answers:
Yes - but you'll have to come up with the $10,000 difference (or whatever it is) in cash.
You can sell your house for whatever price you can get for it- whatever someone is willing to pay. The problem is you will still owe the $210,000 (unless you already paid some of it off). If you sell the house for less than that, you'll have to come up with the extra cash yourself. And how will you buy a new place?
I'm surprised the banks were willing to lend you $$ for more than the house is worth!
I'm a little surprised that your bank let you borrow more against the home than it is worth.
But yes, you can sell it ~ you'll have to bring $10,000 to the table (plus closing costs and real estate commission) when you sell it though.
If you can make your house really attractive, you could find a buyer willing to buy it at your asking price or create a bidding war and get multiple bids.
I know the seller of our house held out for her asking price which in my opinion was $10,000 more than it was worth, but I still bought it because it was everything I wanted.
Good luck with that. Meanwhile houses are staying on the market longer and longer. People across the street have a nice home and it's been on the market close to 6 months.
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