Imagine this: you’ve saved up enough to buy your dream house and are currently looking for the right one for you. However, you don’t really like any of your current options. The one home that you did like was priced way out of your budget. You can’t stop thinking about the home though, so you decide to get it anyway and just take out a loan to buy it.
Done on a whim and poorly executed, you belatedly realized that the home you bought was priced way above the common home values in the neighborhood. Then life happened, the market changed, or you pulled out equity to pay off bills and now you owe more than what your house is worth. Don’t fret, you are not alone. This is not uncommon among property owners in Lake Nona, FL.
Fortunately for you, you’ve come to the right page. Here at Kindred Homes, we’ll help answer all of the questions you may have regarding selling your Lake Nona property without equity. But before we get into that, what exactly is home equity?
What Is Home Equity?
Home equity is the market value of the property that you own, minus the amount you owe on your loan. It is the money left after subtracting the unpaid balance on the property from the current market value estimated by a valuator.
But if you bought your home way above your budget, it’s possible to not have equity at all. But can you still sell your Lake Nona, FL property with no equity? Of course, you can! Remember, any home can be sold, and you will always have options.
Here are some ways you can sell your Lake Nona, FL home with zero equity.
How to Sell Your Home Without Equity
The short sale strategy
A short sale is a type of sale where you and the lender agree to sell your property for less than the outstanding debt on the mortgage. The lender agrees to take a loss, and you get to save your credit. While a short sale technically means you don’t get to make a profit off of selling your home, at least you get to save your credit score. Don’t forget to have your agreement with your lender solidified through writing. Otherwise, you might still end up owing your lender despite having already sold your property.
With the help of a real estate agent
A real estate agent can definitely help sell your home even if you don’t have equity. For instance, since he or she has an extensive knowledge in the real estate market and in neighborhood values, he or she can price the home accordingly and easily market it to the right buyers.
Sell to a professional home buyer
Another option available to you would be to sell your property to a professional home buyer. A professional home buyer will usually have the taglines “we are cash home buyers in Lake Nona, FL”, or “we buy houses in as-is condition in Lake Nona.” To make sure you’re dealing with a trusted professional buyer, look for reviews about professional home buyers in Lake Nona, FL.
The advantage of selling to a professional home buyer is the convenience. You don’t have to spend on repairs, you don’t have to take time out of your day to host open houses, and you don’t have to wait for months just for a buyer to show up–only for him to back out at the last minute due to problems with his mortgage.
If you’d rather not go through the hassle of marketing your home and preparing it for open houses, you can always choose to sell to a professional home buyer. If you’re ready to sell your home, don’t hesitate to reach out to us here at Kindred Homes, because we buy houses for cash in Lake Nona, FL.
Ready to Sell Your Home?
If you want to sell your Lake Nona, FL home for the best price without going through any stress during the process, the best option is to sell directly to Kindred Homes. We are cash homebuyers in Lake Nona, FL dedicated to helping you reach your real estate goals. We purchase properties very quickly because we use our own money. This makes the sale more secure unlike when you sell to a traditional buyer.
We will provide you with a fair cash offer for your house. And the decision to accept or decline our offer is completely up to you. The best part of our process is that it is absolutely FREE. You are in no way obligated to take our cash offer if it does not align with your expectations. To find out more about our quick selling process in Lake Nona, FL, give us a call today at: (407) 705-3779.
