2 ms·
Don't they only need to sell it for the amount of outstanding debt? That is in part why standard loans require 20% down
by pmorici 8y ago
Don't they only need to sell it for the amount of outstanding debt? That is in part why standard loans require 20% down
- isostatic 8y agoPlus the costs of selling it (typically reposessed houses have all sorts of issues, from damage to eviction costs to disgruntled ex-tennents) They'll likely sell at an auction for cash too. With two houses otherwise identical, one being sold normally, one as a reposession, you'd go for the normal one. How much less would you pay for a repossession which runs a risk of the previous owners coming back to haunt you?