Having no or little equity in your house is a typical dilemma in the Tennessee. While this may not affect you a lot while you’re living in your house, it may become a huge headache when selling. If you have no or little equity, selling your Tennessee house for cash is not possible because you owe more than your house is worth.
Additionally, you are not ready to just ‘walk away’ from your Tennessee 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’t 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 low equity and can no longer afford to pay off your home mortgage. The main reasons for not having the capacity to pay your mortgage countless. Job loss, financial hardship, health problems, relocation or other factors can cause you to fall short on your mortgage payments. If you have low equity, selling your home through an estate agent or even through a quick cash sale is simply illogical and not probable.
Here’s an example of selling a house with negative equity in Tennessee:
Your Tennessee home is worth $100,000 in the current market place. You have a home loan 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 sells 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 straining with money, you definitely 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 great strategy 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 property. 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 worry about the loan 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 property, we then have the option to buy that home at some point in the future. We’ll decide a price that day and purchase the property when the market value rises.
Normally it takes between 3-7 years for the price to go up enough. Anytime during this period we have the option to purchase your home at the agreed upon price. We will deal with all legal fees during this process.
This is a great deal with all the same results as a regular sale! We are taking care of your home, paying your mortgage, maintenance, monthly bills and all other costs. You simply give us an ‘option’ to buy the home in the future. We help people get rid of problem properties all the time.
This method for Selling a House With Negative Equity in Tennessee 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 Tennessee house with Negative Equity we will buy it!
Lease options are very versatile and we can tailor them to fit your specific needs. The whole process is completely free for you. We do not charge for our services. There is no uncertainty when selling with us; we will get your house sold GUARANTEED.