Underwater on Home Mortgage Loan - Sell My House No Equity
Sell My Cincinnati Home With No Equity - Underwater Mortgage Relief
Are you underwater on your mortgage?
Are you thinking 'I want to sell my Cincinnati house with little to no equity'?
What do you do?
Where do you start?
Before we offer any advice, let's make sure we have a clear understanding of home equity and why it is important.
Selling An "Underwater" Cincinnati Home?
If you want to sell a Cincinnati house with no equity, we can help.
We all know the way the housing market has gone since the 2007-2008 downturn.
One of the most common situations we encounter is homeowners who want to sell, but feel it's impossible because they owe more than the house is worth!
If your mortgage is "upside down" or "underwater" - meaning you have more debt than equity in your home - we can be of assistance.
Depending on your situation, we can either help you sell the house without paying out of pocket on outstanding debts ...
Or at the minimum, we can help to close the sale and significantly reduce what you'll need to pay out of pocket to do so.
We work with local title companies and mortgage experts who will fight the bank on your behalf, in order to:
- get you a better deal on a refinance,
- or to restructure your debts owed to allow a fast sale of the property.
Keep in mind: in most cases, the last thing the bank wants to do is foreclose on the home.
It is a long, complicated, and costly process for them ... and it doesn't win them any friends in the neighborhood.
However, they also have those loans to recover, so of course, they are looking for a solution that is mutually beneficial to themselves, and to you, the homeowner.
Selling Your Upside Down Mortgage Cincinnati Home
There are several options for those who are facing an "upside down mortgage" on their Cincinnati house.
Suffice it to say - no matter how you slice it - this is a complicated situation.
That's why the first and most important step, before making any decisions, is to know your options.
To do so, we've put together a number of related resources on this site to help you learn a bit more. To start with, we recommend you read some or all of the following pages:
- Stop Foreclosure... Before It's Too Late!
- Sell a Cincinnati Home Behind on Its Payments
- Benefits of a Cash Sale to the CincyBuyer
After you've had a chance to look around those pages, if:
- you still have questions,
- or you simply want to speak to us directly
- or you want to hear our no-nonsense opinion on your options,
feel free to contact us directly.
Or, if you are just ready to be over the situation once and for all, please fill out the form to request a cash offer on your Cincinnati home immediately.
Home equity is the amount of money you (the owner) have after subtracting the unpaid balance on your house from the current market value (estimated by a valuator).
Equity rises as the loan is paid off and as the home appreciates in value.
Despite a lack of equity in your home, you still have options to sell:
• Selling with a realtor
Selling with a realtor can be difficult in this situation.
Having little to no equity in your home is not attractive to a realtor; they would rather list with someone who has their head above water -- it is easier for them.
Also, the decreased sales price, the cost of paying off your loan, and the fees associated with using a realtor (6% commission!) can be pricey.
• Short sale
A short sale is a sale that generates proceeds that are less than the amount owed on the property.
This occurs when a lender and borrower decide that selling a piece of property, realizing a moderate loss.
If you do not want to absorb a loss, there are more options...
• Selling FSBO (For Sale By Owner)
Listing your property by yourself is a hassle.
Often the only upside to this is avoiding all of the fees associated with using a realtor -- the traditional practice when selling.
For more on how to list 'For Sale By Owner', visit our page on FSBO.
You can sell a Cincinnati house with no equity to accredited investors, like ourselves, as a feasible route to take.
You probably need to get above water quickly.
When you sell to an investor, you can close a deal in as little as 5 days.
Also, the house is bought in 'as-is' condition so there is no need to make any repairs or updates to the property.
In addition to these perks, you will receive CASH for your house.
There is no need to worry about any financing options; this method is very simple.
The truth is: this is a personal decision.
You should run the numbers and weigh your options before pulling any triggers.
This way you will be able to see which one makes the most sense, thereby laying out a blueprint for your next steps.
We recommend these two options:
- selling to an investor for cash
- short selling
These are both common choices that often work out for people in your same situation.
At The End Of The Day
Selling a home can be a long, complicated affair.
This process can become even more difficult if you owe more on the current mortgage than what the home is currently worth.
Lack of equity in a home can be a huge disadvantage an owner can have during the process of selling a home.
If you want to sell Cincinnati real estate without equity, it may be subject to lengthy delays in the sales process and you can become overwhelmed with the situation.
The fear of foreclosure is just one of the many obstacles a homeowner can encounter under this circumstance.
We hope that you have learned enough from this page to avoid a dreaded foreclosure.
In any event, filling out our no-obligation cash offer form is a quick and easy way to get an idea of where to start the process, if you're thinking 'I want to sell my Cincinnati home when underwater' on your current mortgage.