Is It Possible to Sell my Houston Property If I Have 0 Equity

by Dec 21, 2021

Selling a home in itself can be tough already. But selling a home where the owner owes more on their mortgage than the home’s market value? That’s a whole ‘nother ball game. Having equity is one of the main advantages a homeowner has when it comes to seller their home. Having a home with no equity can delay the selling process and makes it more complicated. Not to mention the threat of foreclosure that’s always in the background.

If your home has zero equity, don’t panic just yet. Here’s what you can do.

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Short Sale

Probably the most common advice you’ll get when you ask how to sell a house with zero equity is to do it through a short sale. Also known as a compromise sale, a short sale happens if both the lender and the homeowner agree to selling the house to avoid foreclosure. The bank will agree to incur a loss on the sale and will then remove any outstanding debts on your mortgage. If you’re thinking about doing a short sale, make sure to get the agreement in writing as there have been instances wherein the homeowner was still required to pay the lender a hefty sum even after a short sale.
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Sell Through a Realtor

Another common route to take is by selling the home through a realtor. When you partner with a realtor, you’re not just paying for them to show your home to potential buyers. You’re also paying for their expertise in Houston, Texas real estate laws. And yes, this includes knowing how to deal with homes with zero equity.

Partnering with a realtor will save you time and effort understanding legalities, putting up open houses, and dealing with potential buyers. This comes with a (literal) price though. Realtors come with realtor’s fees. And closing deals. And commissions. If your home has no equity, chances are you’ll want to keep every penny of that sale. So selling through a realtor may not be the best option for you.

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For Sale by Owner (FSBO)

As the name implies, this process involves the homeowner selling the house themselves. While not for everyone, FSBOs can be possible for experienced homeowners who know how the home selling process works. FSBOs is a good way for homeowners to keep the entire sales proceedings. The thing about FSBOs, they can take some time to complete. If you don’t have a buyer at hand, you’ll have to go through open houses and showings, which can take several months. And, after you find a potential buyer, there are papers to draft and sign, which adds more time to an already tight schedule. If you’re trying to beat foreclosure, FSBOs may not be right unless you have a buyer already lined up.
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Sell to a Professional Home Buyer!

The last option we have for you is to sell to a professional cash homebuyer in Houston, TX. When you partner with a cash homebuyer company like Ohana Legacy Properties, LLC., you can rest assured knowing you’re getting the best deal possible for you home while walking away with 100% of the profits.

There are no middlemen or indecisive buyers to contend with. Best of all, you get a fair offer within 24 hours, so there’s also no waiting involved.

For instance, you start the homebuying process with Ohana Legacy Properties, LLC. at 9 in the morning. After an initial assessment done on your home, you can request for a fair, no-obligation offer on it. Before the day ends, you can expect to receive an offer on it. If you decide to accept the offer, you can then select a closing date. No need to worry about open houses or messy paperwork.

Interested In Selling to A Professional Home Buyer?

Sell your house to professional cash homebuyers like Ohana Legacy Properties, LLC. If you don’t want to think about listing your home or want to beat foreclosure, then partnering with us is the way to go. We can provide you with the best price for your home while closing the deal in as little time as possible.

Our home-buying process does not involve getting pre-qualified by a mortgage bank in order to obtain a home loan or listing the property on the MLS or any other listing platform. The reason our team at Ohana Legacy Properties, LLC is able to purchase properties very quickly is because we use our own money, which means the sale is more secure and we can close faster than traditional buyers. Get in touch with us here (832) 740-9788 and sell your home fast for cash today!

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