The Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 5 days agoHow could this happen? media.piefed.worldimagemessage-square155fedilinkarrow-up1952arrow-down16
arrow-up1946arrow-down1imageHow could this happen? media.piefed.worldThe Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 5 days agomessage-square155fedilink
minus-squarePriorityMotif@lemmy.worldlinkfedilinkarrow-up8·5 days 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-up11·5 days 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.