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- July 31, 2011 at 9:17 am #358234
I owe $ 51,000 on my house and I had it appraised at $ 33,000 as is. I has several problems that I would have to fix before I could sell it. I have someone that would buy it at the $ 33,000 and would fix it up. It needs a new roof, new carpeting, patched holes, fixed plumbing, and a separate gray water septic tank (for laundry water) installed. Basically, I would need about $ 18,000 to fix it up and sell it at the price of what I owe ($ 51,000), so I wouldn’t make anything on it. Plus, I don’t have $ 18,000 or anywhere near it. Should I sell it as is and then continue to pay on my mortgage? Will my mortgage company let me do that without the house to have the lien on? Any other advice and/or websites you can direct me to would be appreciated.
I purchased the house 3 yrs ago and it was appraised at 55,000. I bought it for 54,900. I have already estimated the work that needs to be done with the people that I know and what I can do myself to be approx $ 15,000 to 18,000. However, in my neighborhood, houses are depreciating. I will be speaking to a relator this week as well.
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