The Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 1 month agoHow could this happen? media.piefed.worldexternal-linkmessage-square146fedilinkarrow-up1879arrow-down16
arrow-up1873arrow-down1external-linkHow could this happen? media.piefed.worldThe Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 1 month agomessage-square146fedilink
minus-squarePriorityMotif@lemmy.worldlinkfedilinkarrow-up8·1 month agoThey only get to force the sale of the house to recoup their loan, you get to keep the extra from the sale. House sells for $300k, you owed $250k you walk away with $50k and the bank gets their money back.
minus-squareTar_Alcaran@sh.itjust.workslinkfedilinkarrow-up11·1 month agoBut on auction, the bid is usually FAR below the normal asking price.
They only get to force the sale of the house to recoup their loan, you get to keep the extra from the sale. House sells for $300k, you owed $250k you walk away with $50k and the bank gets their money back.
But on auction, the bid is usually FAR below the normal asking price.