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When Should I Sell My Home This Way?
- Low equity, no equity, or even negative equity (sometimes called upside down or underwater on the mortgage) – While this is more common in a downward trending market, many don’t realize that lack of equity is still extremely common in a great seller’s market. Before I got into real estate and starting buying, fixing, selling, and renting homes, my wife and I had been in this situation ourselves. In our case we were lucky enough to walk away from the closing table with $100, but that’s only because our agent took a pay cut once the circumstances put us in a situation of losing money. Not only is it common for there to be low equity, but if you do the math on the cost to sell traditionally (commissions, holding costs, seller concessions, closing costs, repairs, etc.), what we call the real equity or net equity, is far different than the perceived equity or gross equity. See here for more information on net equity vs gross equity.
- A need to sell the home immediately; Rather than find an agent, list it, show it countless times, negotiate offers, then waiting and hoping that it passes all inspections, the buyers don’t get cold feet, it passes lending requirements, etc. and finally makes it to the closing table 30+ days later. Common scenarios for the need to quickly sell include home owners:
- Facing foreclosure – Whether already in progress, currently falling behind on payments or other bills, or just knowing the house can’t be maintained much longer
- Buying a new home before selling the current home – Here’s a case study for this exact scenario
How Do I Sell My Home For More Money, Faster?
- For low/no equity homes – Typically they are well maintained, up to current standards, and move-in ready with very minimal work needed, we will make your mortgage payments until the house sells. This allows us to quickly relieve the burden of mortgage debt. This helps prevent you from coming out of pocket (bringing money to the closing table) and losing money with the sale of your home, something most Americans can’t afford.
- For homes ready or near ready to be listed for sale AND that have significant equity, we will make your mortgage payments, list it for sale, then share the profits with you when it sells. This scenario is typically only a fit for people that are about to lose their home soon, such as to tax auction or foreclosure, and can’t risk any delays.
What If I Have No Equity, But My Home Needs Repairs?
While we would need to look at your circumstances in more detail for an accurate picture, this sounds like a short sale may be a possible solution. No need to list with an agent for a short sale and you definitely should NOT be paying a short sale negotiator when results cannot be guaranteed (it all depends on the lender(s) and other shareholders agreeing on terms). We will buy these directly from you and handle the negotiations with the lender. If you want an industry expert fighting for you FOR FREE, then this may be a great option for you. For more information, visit our page discussing how we buy short sale homes.