real estate commission preventing home sale (3%, percentage, brokers, advantage)
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Sounds like the OP found a solution, renting the house out for a year then trying to sell again. I think thats the best idea. Hopefully the tenant will make timely payments, which will pay the mortgage, and hopefully in a year the OP will get a higher offer that will compensate an agent, or be able to sell themselves at a lower price, or, love being a landlord!
Some jobs require highly dependable people with good judgement. Credit scores might matter for a position like that. It just depends on what kind of job you are seeking.
Access to credit is a good thing. Think about it this way...Let's say you are the best mechanic in town by far. You have a great name for yourself because you are the best. You let your home go in foreclosure for that $10k. So instead of being able to say launch your own business with that credit...you are stuck working for someone else getting paid hourly. As a business owner, you could have made up that $10k and then some. Access to credit is about access to options.
If you don't care about being an employee, then the above point is moot for you. Other people might want to have choices if the economy causes them to head to the unemployment line.
And if people come up short on character or integrity, why would an employer put them into a position requiring any significant level of trust?
This may be hard for you to believe, but writing a check for 10K does not automatically mean using up your emergency fund or exposting themselves to poverty.
And wrecking your credit could cause you to lose much more money down the line that would actually move you closer to the poor house than writing that check.
I agree and on top of that, it's a hell of a lot easier to pay back a small loan of 10k than it is to continue to float a 337k loan. Makes sense to me anyway. From the sound of it HL would rather the OP be buried in large debt than have a small affordable one.
I agree and on top of that, it's a hell of a lot easier to pay back a small loan of 10k than it is to continue to float a 337k loan. Makes sense to me anyway. From the sound of it HL would rather the OP be buried in large debt than have a small affordable one.
You do know its not that simple. The 10k loan provides no value or asset. The payment on such a loan will be around 300$ a month if he wants to pay it off in any sort of timely manner BUT now he has to find a comperable place to rent PLUS pay on this empty loan. So long as the total rent costs including all utilities and ancilary costs PLUS the loan is substantially less than the amount he is servicing for his home.
So I guess the wisdom in taking out such a loan will strongly depend on how much his rent will be including ALL utilities. If he is paying 3k a month to pay his mortgage and can rent something comperable for 1k then it makes total sense to take out the loan but if his rent is only slightly lower and he has to move into a less desirable area to get the rent reduced then its not such a good idea. The wisdom to take on that loan depends on alot of other factors. Is he going to leave the area to a place where rent is MUCH cheaper and he has a GOOD job lined up?
This is also assuming that even if he does find a good deal on rent that his land lord does not double his rent in the next lease cycle.
Not sure if I understand your statment. Are you equating bad credit to character and integrity?
Bad credit may be caused by poor character. It may not be.
Some employers will equate it as such, particularly if the applicant is in a position which requires handling of funds or wherein the applicant may make decisions that may be swayed by an offer of funds.
Many employers do check credit.
Yes, many people have credit/financial issues caused by factors beyond their control. Bankruptcy due to medical bills is one of the most common.
Actually it really is that simple. If she has to sell, then it's easier to move it and take out the personal loan if need be than support a vacant home. Again, it comes back to the situation of the seller, which we know nothing about. You are great at making assumptions and generalizations. You really need to be more careful about the advice you give out with your lack of understanding in real estate and economic matters. God forbid anybody follow your advice and make a foolish decision. It's too bad you put yourself in a bad situation but instead of trying to blame everyone else go take a look in the mirror.
Bad credit may be caused by poor character. It may not be.
Some employers will equate it as such, particularly if the applicant is in a position which requires handling of funds or wherein the applicant may make decisions that may be swayed by an offer of funds.
Many employers do check credit.
Yes, many people have credit/financial issues caused by factors beyond their control. Bankruptcy due to medical bills is one of the most common.
Got ya. I agree that is how some employers think. Wasn't sure if that was what you were saying.
Actually it really is that simple. If she has to sell, then it's easier to move it and take out the personal loan if need be than support a vacant home. Again, it comes back to the situation of the seller, which we know nothing about. You are great at making assumptions and generalizations. You really need to be more careful about the advice you give out with your lack of understanding in real estate and economic matters. God forbid anybody follow your advice and make a foolish decision. It's too bad you put yourself in a bad situation but instead of trying to blame everyone else go take a look in the mirror.
I would say you are correct, I got what I deserved participating in a market that is ran by snakes. If she has to move she should stop paying on the property ASAP, your right it makes no sense to fiancne a vacent home.
The only way it would make sense to take the loan is if the math works out. If she nets enough money and her rent is low enough in the new area that she can pay the loan off in a few years and the monthly payments are less than 10% of her net income then fine but if its a huge amount of money and she is either burdened severly for several years or has to extend the loan to absurd lenghts then its not worth it. Remember there is not asset tied to this debt its just dead weight on your pay check so I dont want to pay very much a month on it and I dont want to pay on it for more than a year or 2, if it pans out to more than that im not going to take it, its that simple and I dont have to. The banks have become nothing more than a state backed mob, they package up bogus securities, manipulate and colapse housing market and destitute honest people, their actions dont benifit me in any way shape or form so as soon as their terms and conditions no longer work for me im out and they can eat it.
You only live once and im personally not going to saddle myself with a personal loan to pay of snakes. They can down grade my credit becuase I dont use it since I dont like loans because that is doing more buisness with snakes. If you live in a deficiancy judgement state then you should immediately petition your state to have that reversed becasue that gives WAY to much power to banks and takes power away from the people. Wage garnishments are probably the bane of our existance as a nation, it is a demotivating factor and hamstrings our GDP and production.
I know exactly what im talking about and you know it, you just dont like it.
On the other hand if the personal loan is unsecured you could get away without paying on it since you would not have to worry about deficiancy judgement. Or just move your assets off shore and declair bankrupcy. We are moving closer and closer to a debtors prison nation so more and more extreme action is going to be requried to protect yourself in the years to come. Banks and gov are taking more and more draconian measues to extract money.
Last edited by highlife2; 12-21-2011 at 04:38 PM..
Wage garnishments are probably the bane of our existance as a nation, it is a demotivating factor and hamstrings our GDP and production.
I can say with confidence you are the only human in this country that feels this way.
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