No/Low Equity
List with an agent. The typical fee for selling your house with a real estate agent is 6% of the sales price. If you are in a position to be able to bring money to the closing table, this is an option for you. Here is an example of a low equity house sale.
House sale price: $300,000
Mortgage balance: $290,000
Real Estate agent fee: $18,000 (6%)
Money from seller (you): $8,000
From this example you can easily see if your mortgage is closer to the value of the house or sales price of the house, you will be bringing more money to the closing table to sell your house. This example doesn’t include all closing costs to sell the property.
You can do what is called a “Deed in lieu”. This is where you give the house back to the bank voluntarily. A Deed in lieu is something that the banks will take into account when trying to qualify for another loan. The banks do view this as a form of foreclosure. It is not as bad as a foreclosure but it is not going to be a positive mark on your credit.
You can consider renting for a while to gain some equity in your home. There are property management companies that will keep your house rented and handle everything for you. Of course there is a fee but you typically get what you pay for.
You can choose to sell the property yourself. It is called F.S.B.O. (For Sale By Owner). This is a way that you can get around paying one agent on the sales price of the house. You will more than likely have an agent call to see your property and they will ask if their percentage is protected, which is 3%.
We can help with your situation if the above options are not what you want. We can purchase your property whether it is brand new or not so brand new. We have many ways to purchase and leave you worry free of the property. Even with low or no equity, you will not have to spend money out of pocket to sell your house with us. Set a closing date and we will work with it. So, if you want to sell fast and hassle free, please fill out the form on the page. We will give our honest opinion on your best option and if you choose us GREAT, and if not, that’s fine as well. The importance is on making the best decision for you and your family.