- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Question as a Seller Paying Closing Costs
Posted on 12/18/13 at 12:28 pm
Posted on 12/18/13 at 12:28 pm
My wife and I are trying to plan out debt pay-down strategy and our house sale.
It's been on the market since May in a terrible market. So I'm not convinced it's going to move any time too soon.
We don't have a lot of equity in the house, since we've only owned it about 3.5 years currently. Plus, we are forced to price it right at what we bought it for, due to an extremely slow market where we are selling.
We have money set aside in our savings account to cover closing costs, realtor fees, etc. My question is this:
We have student loans we need to pay off. Should we drop money on the loans and reduce our savings account? If the house does get an offer, is it possible to get a personal loan to cover the closing/realtor costs? I know rates would be high, but without a house note, we could knock that out quickly.
I'm just trying to get suggestions and see what the MB regulars would do in my situation. If this house would sell, my life would be a lot better.
It's been on the market since May in a terrible market. So I'm not convinced it's going to move any time too soon.
We don't have a lot of equity in the house, since we've only owned it about 3.5 years currently. Plus, we are forced to price it right at what we bought it for, due to an extremely slow market where we are selling.
We have money set aside in our savings account to cover closing costs, realtor fees, etc. My question is this:
We have student loans we need to pay off. Should we drop money on the loans and reduce our savings account? If the house does get an offer, is it possible to get a personal loan to cover the closing/realtor costs? I know rates would be high, but without a house note, we could knock that out quickly.
I'm just trying to get suggestions and see what the MB regulars would do in my situation. If this house would sell, my life would be a lot better.
2
Posted on 12/18/13 at 4:15 pm to lnomm34
Would the rates on a personal loan to finance your closing costs be higher than your student loans?
Posted on 12/18/13 at 4:30 pm to SLafourche07
Yes. Certainly would be.
Posted on 12/18/13 at 5:21 pm to lnomm34
Why are you selling? Can you wait until the market turns and sell at a price that covers the closing costs? Where are you located if you don't mind me asking?
I would want to pay off student debt if I could, wipe that off the books and focus on the present and future. That's just me. I don't like too much nagging debt.
I would want to pay off student debt if I could, wipe that off the books and focus on the present and future. That's just me. I don't like too much nagging debt.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News