AgentIndustry News

Walkaway’s unfortunate consequence

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Q: My parents signed the title of their home over to me some years ago, with a small mortgage. The place is in a high-crime area, and has depreciated significantly over the last few years. No one in our family wanted to live there, and I didn't want to deal with tenants, even though my Realtor told me that with Section 8 tenants, I would have $700 in positive cash flow every month. (There is rent control in my area, and tenants can be a real hassle.) Anyhow, I put the place on the market several times over the last few years, but it never sold. Finally, I stopped making the payments and decided to walk away from it. At the same time, though, I let my Realtor put it back on the market on the off chance (it would sell). She got a full-price offer at a price that would pay the mortgage off in full, plus some, even after commissions! By the time we got the offer, though, a trustee sale had already been scheduled. My Realtor faxed the offer multiple times to the bank, but they ...