Would you sell your house to pay off your debt

sourcrates

Mistym5 wrote: »

Hi thinking of selling house to Clear 15k of Debt. A family member looking to buy house. When selling would the buyer know we have debt and bad credit history.

Hi,

This is a bit of an old thread to resurrect, in answer to your question, no, not unless they were (A) clairvoyant, or (B) you tell them.

How else would they know ?

Are you sure this is the right solution for you ?

There are other ways to clear 15k ?

Ebe_Scrooge

Mistym5 wrote: »

Hi thinking of selling house to Clear 15k of Debt. Seems a rather extreme measure, 15K is not a huge amount of debt compared to the value of a house. You'd be better off looking at other options to clear the debt - take on an additional job, cut expenditure. Head over to the Debt-Free Wannabe board and post a SOA, you'll get lots of help there. A family member looking to buy house. When selling would the buyer know we have debt and bad credit history. No, not unless you told them.

My thoughts above. As an aside, you're better off starting your own thread rather than resurrecting a 5-year-old one.

natlie

Hi
I did this in 2013 it was an easy decision in the end £54000 equity in the house. We rent still and its great as we could never afford to buy the house we live in now. It was scary we have 3 children but my job moved over 70 miles away so it made sense rather than commute for over an hour each way.

Nat