Buying out loans to purchase a property
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
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.