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Sell property back to bank, Sell property back to bank
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TSInfoCatcher
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 Feb 25 2017, 04:05 PM, updated 9y ago
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Hi All,
I am having difficulty to find buyer for my house even though the price that I willing to let go is 30% lower from bank valuation.
Some reasons I gather why I am not able to find buyer are:
1) Bungalow worth a few millions
2) Leasehold
3) Land is big, hard to maintain.
4) Current subdue economy
There are agents and potential buyers during these few years but do not have any concrete progress.
I still have mortgage bank loan which about half of offer price. I am thinking can I sell the property to bank?
Anyone has any insight, please help me.
Thanks in advance.
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TSInfoCatcher
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Feb 25 2017, 05:23 PM
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QUOTE(CKKwan @ Feb 25 2017, 04:16 PM) You make money, bank makes money You lose money, bank make money You bear all the risk! Hi CKKwan, I don't understand what u meant. Care to explain further? |
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TSInfoCatcher
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Feb 25 2017, 05:26 PM
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QUOTE(lucifah @ Feb 25 2017, 04:20 PM) why not try to sell it at market asking price, rather than bank valuation or market price or whatever inflated price people keep peddling nowadays? i think there will be opportunists around to grab a good deal from you, IF you priced it at the level they are asking Hi lucifah, What do you means by market asking price? FYI, I have put the price 30% lower, not only bank valuation but bungalow transactions that being made in last couple of years in the same area. |
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TSInfoCatcher
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Feb 25 2017, 06:53 PM
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QUOTE(alextan99 @ Feb 25 2017, 05:37 PM) In this market its not easy. If you decide to sell back to the bank it will be auctioned off and depends on how the result of the auction you will get the balance if there are any so think again Thanks Alex, I am not thinking about auction yet. But can I approach bank to sell just like agent approach a potential buyer? Will bank do this kind of investment? If auction, do I need to go thru agent for the auction or directly approach bank? |
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TSInfoCatcher
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Feb 26 2017, 08:10 AM
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QUOTE(nookie188 @ Feb 25 2017, 10:32 PM) the banks do not buy properties from their clients ..period. anyway, don't think their banking licences allow these kind of transactions. You can get an auctioneer to do a private auction on your property. The bank will only auction your property if you stop paying your loans after a certain period of time - loan default and then foreclosure. You can try talking to the bank about it first. Thanks nookie. Appreciate your insight on this. |
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