I need to sell my house fast but have no equity
The title says it all — how can you sell a house in the current market when you have no equity.
Here are your options as I see it.
- Don’t move. Forget about it until the market recovers.
- Lease Option — sell it on a rent to own situation to cover your holding costs.
- Contract for Deed — sell it with owner financing
- Sell it and bring money to the table (we did that once already).
- Persuade the lenders to accept a short sale.
Unfortunately, none of these can help you sell your house fast when you have no equity.
The fast way to sell your house is to drop your price and make up the difference from your reserves.
That hurts. We know.
We’ve done it when one of our investments turned out wrong.
#5 is an option if the payments are falling behind (and I am not telling you to make your payments get behind).
Short Sale when you have no equity.
Options 2 and 3 are beyond the scope of this article.
We don’t know exactly what your situation is.
If your payments are already following behind, then a short sale is a potential option.
We have ways of helping you negotiate with your lender on a short sale and working with your real estate agent if you have one to help get it done.
If you are thinking about pursuing a short sale, we’d like to help you with it.
Simply give us a call at 804/915-9475 or fill out our contact form and we can at least talk about your situation.
Calls are confidential. We can talk, no matter where in the nation you are.
Though we are based in Virginia we can handle calls from anywhere in the US.
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