Do you need to sell a house with no equity? Selling any home can be a drawn out, overly complicated and long affair. The process can even become harder if you, as a seller, owe more to the bank than what the current value of the home is.
Extracting the equity in a home is considered to be the biggest benefit to a property owner during the selling process. Homeowners who don’t have equity may be subjected to lengthy delays during the selling process. Sometimes the fear of foreclosure can be suffocating.
Get to Know More about Home Equity
Home equity refers to the quantity of money the owner of the house has right after subtracting unpaid balance on the residence in relation to the present market valued which is estimated by the valuator.
Regardless of the size of the nest egg tied up in a home, a homeowner who wants to sell their home has lots of options to consider. This is why it’s so important to lay out all the options before taking a path.
Ways on How to Sell a House with No Equity
Perhaps you are one of those homeowners who would like to sell your house without the certainty of earnings coming your way from doing so. If that’s the case you need to spread out your options on the table and go with the choice that best suits you. Let’s look at some options.
1. Selling Through Realtors
One of the best means of selling a home with no equity is to sell it through the help of a realtor. An agent who is skilled and professional in the field of selling a house is often a seller’s best choice. Since they know how to sell a house, they can immediately and effectively help you on the things you need to do to get the best buyer for your house.
2. Short Sales
Perhaps, another great and commonly used type of method in selling home with no equity is the short sale. This primarily occurs when the owner and the lender agreed to sell the home just to prevent the occurrence of foreclosure. A short sale is considered to be better than foreclosure as it could be a bit less damaging to the future buying ability of a home and your credit.
3. For Sale By The Owner
While it is always recommended that every home seller need to seek assistance from an agent, huge numbers of people are savvy enough in selling their home without any help or assistance. This type of method can greatly help in reducing costs at the same time maximizing the profits. If the buyer is already showing their interest to purchase your home, then you can just ask for the assistance of an attorney and title company to help you complete the transaction.
These are some of the more common ways to sell a home that is under water. You can also consider selling to an investor who may be willing to improve the home and share the increased equity with you. This can be risky and tricky. Done right, it can mean the difference between breaking even or being foreclosed on. Done wrong and it can be the demise of any hope of walking away without financial scars.
Please. Call or text me (John) at (480) 442-3501 to talk about your options. I’d be happy to meet with you and break ground on a game-plan that is right for you. Here's a link to my calendar to schedule a time to meet.