Legal Question in Real Estate Law in California

Owe more on a property than its value - how can we sell it?

We purchased our condo for $148,000 with a VA loan, in 1991. The current value is @ $130,000. Our current principal loan balance is $156,760. We wish to move from this condo into a two-story house in the Thousand Oaks, CA, area. How can we sell (or have someone assume our loan) our home without bankruptcy, foreclosure or short-sell, and still be able to purchase the type of home we want? We do not wish to rent or lease the condo as this is not permitted in our complex.


Asked on 8/18/99, 8:54 pm

1 Answer from Attorneys
Thomas W. Newton Tims & Newton

Re: Owe more on a property than its value

I hate to be the bearer of bad tidings, but I fear you need to reconcile yourself to the fact that a savvy buyer will only offer you what the property is worth. You're not alone in having purchased a property, only to find that the market doesn't value your property now, as it did when you purchased.

I think your question is less a legal question than it is a real estate marketing issue.

I'd contact a very experienced broker in your area and ask him/her to assist you in cutting the best deal you can.

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Answered on 8/22/99, 1:38 am


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