Having no or little equity in your house is a typical issue in the Memphis. While this may not affect you too much while you’re living in your house, it may become a huge complication when selling. If you have no or little equity, selling your Memphis house for cash is not feasible because you owe more than your house is worth.
Furthermore, you are not in position to just ‘walk away’ from your Memphis house and your home mortgage payments because your lender will haunt you for up to 7 years on your credit history after your house is foreclosed! If for any reason you can not afford your home loan, we can help you in just 1-2 weeks by using a process called a lease option.
A lease option is excellent when you have little equity and can no longer afford to pay off your mortgage. The main reasons for not being able to pay your mortgage many. Job loss, financial hardship, health problems, relocation or other factors can cause you to come up short on your mortgage payments. If you have low equity, selling your home through an estate agent or perhaps through a quick cash sale is merely not logical and not probable.
Here’s an example of selling a house with negative equity in Memphis:
Your Memphis house is worth $100,000 in the current market. You have a mortgage with $90,000 left on it. If you go to a real estate agent, they will probably recommend you to reduce the price to get a quick sale. If your property goes for $95,000, once the costs, fees, and remaining mortgage have been paid, you’re not making any profit out of the sale. In fact, you will lose money. If you are already having a hard time financially, you surely can not afford to do this! While this may be a better option that foreclosure, there is another way to get out of that house without losing your shirt…
We’ve got a wonderful solution for you if you are in that sticky little or no equity situation! A lease option is where we basically take care of the mortgage payments and all of the maintenance costs of your home. You are free to move out of your home once the paperwork has been signed, which can happen in just 7 days, and you no longer need to stress about the mortgage or any of the liability that comes with being a home owner.
With the lease option, we’ll take over all your mortgage payments and the responsibility of the property, we then have the option to buy that property at some point in the future. We will agree upon a price that day and purchase the home when the market value rises.
Frequently it takes between 3-7 years for the price to go up adequately. At any time during this time frame we have the option to purchase your home at the agreed upon price. We will take care of all legal fees during this process.
This is a great deal with just the same results as a regular sale! We are taking care of your property, paying your mortgage, maintenance, monthly bills and all other costs. You simply grant us an ‘option’ to purchase the home in the future. We help people get rid of problem properties all the time.
This alternative for Selling a House With Negative Equity in Memphis is best for individuals who have little or no equity and are:
- Facing foreclosure
- Can no longer make mortgage payments
- Wanting to sell, but do not need the cash right away
- Wanting to secure an agreed sale price in the current housing market, regardless of the insecure market price in the future
If you are selling a Memphis house with Negative Equity we will buy it!
Lease options are very flexible and we can adapt them to fit your specific needs. The entire process is completely free for you. We do not charge for our services. There is no unpredictability when selling with us; we will get your house sold GUARANTEED.