[5-DayForum] Homes with Little Equity

[Bill Effros]

Aisha,

The 5-Day Method will still get you the best possible price, but it is 
likely to be a lot lower than the appraisal you got when you bought.

It is the appraisal that is wrong, not the 5-Day Method, and the Method 
can't change that.

You can get the most you can get using the 5-Day Method, even if your 
home has little or no remaining equity.

I wonder if people can sue appraisers?  Does anyone know?  Has anyone tried?

The banks and appraisers really set up this mess, and people like you 
were actually harmed.  I'd be very surprised to learn you bought your 
Condo through the 5-Day Method, because the Method produces a fair 
current price for both the seller and the buyer.  5-Day Buyers should be 
able to turn around and sell their homes for almost exactly what they 
paid, should the need arise.

Bill Effros



Aisha Williams wrote:
> This may be a silly question but how effective is this process with homes with less than 10% equity? Given these discussions of inflated appraisals, I suspect that my home has about 5% equity in it at this point. I did apply for a home equity loan and received a confirmation of that months ago.  Is the 5-day sale effective in this situation. I am selling a condo in Fairfax, VA which was purchased in the beginning of this year.
>
>
> -Aisha
> Life is short, Break the rules, Forgive quickly, Kiss slowly, Love truly, Laugh uncontrollably, And never regret anything that made you smile...
>
>  
>
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