Having no or little equity in your house is a prevalent concern in the Chattanooga. While this might 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 Chattanooga house for cash is not possible because you owe more than your house is worth.
Also, you are not in position to just ‘walk away’ from your Chattanooga house and your home loan payments because your lender will haunt you for up to 7 years on your credit report after your house is foreclosed! If for any reason you cannot afford your mortgage, 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 low equity and can no longer afford to pay your home mortgage. The main reasons for not having the capacity 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 house through an estate agent or even through a quick cash sale is just not logical and not realistic.
Now, an example of selling a house with negative equity in Chattanooga:
Your Chattanooga home 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 home goes for $95,000, once the costs, fees, and remaining mortgage have been paid, you are not making any profit out of the sale. In fact, you will lose money. If you are already struggling financially, you surely can not manage 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 fantastic solution for you if you are in that sticky little or no equity situation! A lease option is where we basically take over the mortgage payments and all of the maintenance costs of your house. You are free to move out of your house once the paperwork has been signed, which can happen in just 7 days, and you no longer need to panic 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 loan payments and the responsibility of the house, we then have the option to buy that home at some time in the future. We’ll decide a price that day and purchase the property when the market value rises.
Frequently it takes between 3-7 years for the price to rise sufficiently. Anytime during this period we have the option to purchase your house at the set price. We will deal with all legal fees during this process.
This is a great deal with just the same results as a regular sale! We’re taking care of your property, paying your mortgage, maintenance, monthly bills and all other costs. You simply provide us an ‘option’ to buy the house in the future. We help people get rid of problem properties all the time.
This option for Selling a House With Negative Equity in Chattanooga is ideal for homeowners 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 Chattanooga house with Negative Equity we will buy it!
Lease options are very flexible and we can tailor 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 home sold GUARANTEED.
