Legal Question in Real Estate Law in Texas

We have a property (house & lot) in PA that we want to sell (dispose) since we already moved to Texas. It's been on the market since March of this year and we only have 2 offers but they were way too low than what we owe. We want to buy a house here in Texas and we've been pre-approved but we don't want to get stuck with 2 mortgages. What is the best way to dispose of our property in PA without our credit score suffering? We were thinking of just walking away from it but we do not really want to affect our credit.


Asked on 11/18/14, 7:28 am

1 Answer from Attorneys
Robert Newton The Law Office of Robert Newton, P.C.

The easiest way is to merely sell the home. So long as it pays off the mortgage, it is better than walking away, especially from a credit perspective. If you cannot obtain offers that meet the mortgage balance, then perhaps you can contact a realtor that has a property management company and ask them to perform a rent assessment. If you can breakeven on the rent from a cash basis, then you will continue to build equity in the home. Eventually, if you can keep renters in the home that pay rent without destroying the home, then you will be able to sell the home. Good luck to you!

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Answered on 11/19/14, 7:57 am


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