I Own a House with Negative Equity: How do I Sell it?

I Own a House with Negative Equity: How do I Sell it?

As property owners, we all expect that the market value of our houses will always go up with time. Yes, that is a general idea behind investing in the real estate industry, but at times, certain factors like significantly slow market, lower demand, or outstanding taxes and mortgage can lead to negative equity. 

What is negative equity? 

Well, negative equity refers to the term when the value of your house drops lower than the pending loan amount. It means a homeowner owes more than the worth of the property. 

Without a doubt, selling a home with negative equity seems illogical if you take a traditional route. For example, the current market value of your house is $100,000 with $90,000 for the outstanding mortgage. If you go to a realtor, they might suggest you negotiate the sale price. Please do not forget to add repairs and renovations costs, commissions, and other expenses. So, if you sell your house, you end up with zero profit. Or you may have to pay extra from your pocket. 

At Detroit Cash For Homes, we have helped thousands of homeowners with negative equity. We always suggest what is profitable for our clients. When homeowners approach us with such problems, our first suggestion is to ask if selling a home is necessary. If it is not, homeowners can choose other options, such as:

  • Keeping the house and paying the mortgage regularly
  • Making the overpayments to change the negative equity 
  • Renting it out to tenants
  • Transferring the mortgage to another property 

If you do not have any option other than to sell your house fast in Berkley, an as-is home sale is the best option. The reasons why people sell their properties with negative equity vary from one person to another. This includes moving abroad, clearing debt, covering medical bills, getting a divorce, and so on. 

  • Sell your house for all-cash 

While it is not ideal to sell your house with negative equity, this is the only solution many people have. If you are one of them, do not waste any more time. Just find cash home buyers in Berkley and sell your home as-is. 

At Detroit Cash For Homes, we buy houses in Berkley in any condition without asking homeowners to undertake any home improvements. On average, our selling process takes 6-7 days to close the deal. The reasons for speedy closings are an in-house facility to fund the purchase and handling of the legal and administrative processes. 

Since we work directly without real estate agents, you do not have to worry about paying the commissions. Of course, we will consider the market value of your property before making a purchase. But we ensure a fair cash offer regardless of your home and market’s condition. 

If you want to sell your house fast in Berkley, talk to real estate experts at Detroit Cash For Homes. We buy houses in any condition in Berkley with no home improvements, listing, staging, and marketing.