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Legaility question regarding selling a house for more than its worth
Posted on 3/7/15 at 10:35 am
Posted on 3/7/15 at 10:35 am
Is this wrong/illegal in the sense that it could be construed as predatory lending?
If I have a house worth $15,000 and sell it for $30,000 is that illegal? I know on the surface it seems like the answer is "hell no" but it feels like it is. I would be owner financing the house and would follow all the rules pertaining to the "SAFE Act" and "Dodd Frank Act".
Thoughts from bankers or people in the know?
ETA: I would be owner financing this property obviously because the appraisal would not come in near 30k.
If I have a house worth $15,000 and sell it for $30,000 is that illegal? I know on the surface it seems like the answer is "hell no" but it feels like it is. I would be owner financing the house and would follow all the rules pertaining to the "SAFE Act" and "Dodd Frank Act".
Thoughts from bankers or people in the know?
ETA: I would be owner financing this property obviously because the appraisal would not come in near 30k.
This post was edited on 3/7/15 at 11:25 am
7
Posted on 3/7/15 at 10:45 am to I Love Bama
Just because you think it's worth $15k doesn't mean it's not worth $30k to someone else.
Posted on 3/7/15 at 10:56 am to I Love Bama
If you have a house worth 15 and sell it for 30 then that house is worth 30. Something is only worth what someone else will pay for it.
Capitalism is not illegal
Capitalism is not illegal
Posted on 3/7/15 at 11:46 am to I Love Bama
How do you define "worth"? Fair Market Value is generally seen as the amount reached by two unrelated parties in an arms length transaction with neither party under duress.
So I don't think you have a problem because the purchaser agrees to buy something more than it's worth.
I do think you may have two issues to consider.
1) The owner financing part - there are some new regulations that you might want to review.
2) Is this a trailer? I seem to recall there being some sales rules with manufactured homes.
So I don't think you have a problem because the purchaser agrees to buy something more than it's worth.
I do think you may have two issues to consider.
1) The owner financing part - there are some new regulations that you might want to review.
2) Is this a trailer? I seem to recall there being some sales rules with manufactured homes.
Posted on 3/7/15 at 1:18 pm to I Love Bama
"Selling a house for more than it's worth" doesn't mean anything.
If someone pays a certain amount for something, that's what it's worth.
If someone pays a certain amount for something, that's what it's worth.
Posted on 3/7/15 at 2:35 pm to I Love Bama
It's worth what the buyer thinks it's worth.
Posted on 3/9/15 at 12:44 pm to I Love Bama
quote:
a house worth $15,000
How is this even possible?
Posted on 3/9/15 at 2:58 pm to I Love Bama
An autograph from Mark Ingram is worthless to me yet to some Bama fan in the sticks it's priceless. How is that different?
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