The Dark side of buying a property with no money down

[Lee Allen]

There is a dark side of buying a property with no money down at full market value.

I get alot of calls each week from people that bought their property last year and got a 100% loan and now they have to sell the property.

As a Realtor I have to tell these people that they will often have to bring 10k-20k to closing to get rid of the house and pay Realtor Fees and Closing Costs.

Often the seller wants to just mark the house up an additional 20k to see if it sells (which never happens). I have to tell the sellers that the house will never appraise for what they are trying to sell the house at.

The moral of the story is that [/b]if you don't pay to get into a house then you may have to pay to get out of it if the market goes down[b].