When u foreclose on a home, and the bank sells it are you responsible for the balance?
Answers: Depnds on if you were paying PMI. Or if they are willing to just eat the loss and write it off.
If you have any other liens against the home though, you are on the hook and they will follow you.
ABSOLUTELY.
Example.
You owe: $ 100,000 on the Home when it was foreclosed.
The Bank: $ 80,000 sold it (known as a short sale, the bank will slash its price that way they won't have to get stuck with the property or loss for a long time.)
You owe the Bank a $ 20,000 difference. Plus Fees and what not. Just a ball park figure example.
more often than not - yes.
contact banks on this.
Unless you can come to some arrangement with the bank regarding the "short sale", you will be responsible for the balance. Contact the bank asap and see if you can negotiate a settlement.
Only in some states. What state are you in?
How much should I draw from Back??
A "friend" and I moved into an apartment together. I paid partially of everything. Before I finished moving my stuff in she asked if I care to move. She claims my stuff was too nice and she couldn't live near someone that neat. Point is I rewarded 245.00 to move in, stayed 1 1/2 wks, so how much should I be entitled to?Answers: Since she broke the agreement minus good and sufficient explanation, she should pay spinal column to you everything you paid, and permit you have that 1 1/2 week free as compensation, at the outstandingly least.
Incidentally, my compliments for self so neat and tidy.
How do I total CAP. rate surrounded by the TRUE estate?
SHOPPING CENTER IS SELLING FOR 13MILLION and Cap rate is 7.5%.Answers: Divide the net operating income by the sale price.
Eg, $100,000 / $1,500,000 = 6.66%
And you can work backwards into the NOI for your example
.075 x 13 m = $975,000 NOI