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This isn't a legal issue or anything heavy. I've just got a question.
I've never sold a house before so this is probably blindingly obvious to anyone who has. Say I paid X amount for my house and now want to sell it. Is my absolute lowest selling price the same amount I paid? Presumably, I can't put it on the market for less than I paid - is that how negative equity works?
I've got a valuation a week tomorrow and suspect that since the housing market went down the toilet about a month after we bought, our house is going to be worth easily ten grand less than we paid for it.
I've never sold a house before so this is probably blindingly obvious to anyone who has. Say I paid X amount for my house and now want to sell it. Is my absolute lowest selling price the same amount I paid? Presumably, I can't put it on the market for less than I paid - is that how negative equity works?
I've got a valuation a week tomorrow and suspect that since the housing market went down the toilet about a month after we bought, our house is going to be worth easily ten grand less than we paid for it.