My house is worth 25 – $50K less than when I bought it and I need to sell it but can pay commission, ideas?
We bought the home new last May but never moved in due to business problems. Its never been lived in and now we need to sell it due to dwindling income. I don’t want to just walk away from it because it will ruin my credit. Payments are current. The location: Lake Elsinore, California – 2 Story 5-BR, 3-Bath, 3100 sq ft, 3-car garage on a cul-de-sac in a nice, new neighborhood. Due to drop in value we have no money to pay real estate commissions. So far I have been unsuccessful trying to lease/option, rent or sell it. House cost $500K – worth $450 – 475K. We put $50K down. I am willing to carry a $50K 2nd if I can sell it for $475K. That might help the buyer qualify for a fixed interest loan. Our fixed loan is not assumable. I can sell it myself. This home was not bought as an investment, but to live in, and is not a starter house. Any ideas on how I can sell my house without going into debt? The only idea I have involves using a Trust, but I still need a buyer for that method. A: I wou
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