Hi guys,
I'll state the figures first. My loan owing is $340k the market value of my property is $410k. I bought the property 3 years ago for $355k the loan used to be $320k but I used $20k of its equity.
I want to sell my house because I'm quite desperate for some cash as I have a so called business idea/plan and I need 50k cash to go on with my dreams. Now at this point It's hard for me to save up that much money as I'm 22 years old and honestly I'm struggling paying off the mortgage repayments let alone saving $$$
I was wondering if there was any possible way for a buyer to give me $50k in cash and reduce that money from the selling price? Or really is there no need for any of this? Also what happens if I ended up selling the property less than what I owe? What would the bank do then? Do I still continue paying off the remainder of the loan? Or does the bank take something off me?
I'll state the figures first. My loan owing is $340k the market value of my property is $410k. I bought the property 3 years ago for $355k the loan used to be $320k but I used $20k of its equity.
I want to sell my house because I'm quite desperate for some cash as I have a so called business idea/plan and I need 50k cash to go on with my dreams. Now at this point It's hard for me to save up that much money as I'm 22 years old and honestly I'm struggling paying off the mortgage repayments let alone saving $$$
I was wondering if there was any possible way for a buyer to give me $50k in cash and reduce that money from the selling price? Or really is there no need for any of this? Also what happens if I ended up selling the property less than what I owe? What would the bank do then? Do I still continue paying off the remainder of the loan? Or does the bank take something off me?