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Updated almost 9 years ago on . Most recent reply

User Stats

9
Posts
1
Votes
Norman Romero
  • South Gate, CA
1
Votes |
9
Posts

Buying out loans to purchase a property

Norman Romero
  • South Gate, CA
Posted

Hello BP Community,

I've been stumped on a question asked to me by my friend. "When a seller still owes money to the bank, What kind of seller is more likely to sell their house? Seller A-someone who owns 75% of the equity and is behind on their payments and really wants to move. Seller B- someone who owns 50% equity, isn't behind on their payments but really wants to move. Seller C- Someone who owns 25% of their equity, is behind on payments but doesn't want to move."  

I know it sounds like a classroom question but I just dont know how to answer that haha. 

any thoughts?

Most Popular Reply

User Stats

144
Posts
58
Votes
John Whittle
  • Vendor
  • Cincinnati, OH
58
Votes |
144
Posts
John Whittle
  • Vendor
  • Cincinnati, OH
Replied

The answer is D people are weird. A might think there 75% is worth 125% and won't settle, B will agree on a price but won't move because they can't find the perfect house and C Might just sit there on there happy butt until foreclosure just because.  

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