Here are some answers to immediate questions you might have in mind:
What Does Home Equity Mean?
You can compute the amount of home equity you have by following this formula:
Current Market Value – The Unpaid Balance Of Your Residence = Home Equity
What makes equity rise? This happens as the home appreciates in value and your debt is steadily paid off.
Can I Sell My Home With No Equity In Florida?
I know you might think that the answer is an automatic negative, and it’s best to find out how to pay your mortgage ASAP. But there is a way to navigate this.
The simplest way to go about it is to tell your lender that it’s possible for you to sell the home for more than you initially paid the mortgage for. This would mean that you can cover the mortgage easily and still have some profit to spare for yourself. It’s best to work with an attorney and/or real estate agent to prepare formal loan closing documents or settlement statements for review. Once the bank or your lender signs off on this, you can comfortably sell the home.
What happens if your home is worth less than your actual mortgage? Well, the tough part here will be convincing your lender that a partial payment will suffice, and they can give a deadline for you to pay off the remaining mortgage using other means. Having a real estate agent or attorney to help you convince them will also speed up the house-selling process, if your lender would be kind enough to agree.
What Are My Options?
Once you ironed things out with your lender and are ready to sell, here are the following ways you can do so quickly and legally:
1. Consult A Real Estate Agent
What’s great about hiring a real estate agent is that they make a living off a promise to sell as quickly and easily as they can based on a certain quota. They also know the market landscape like the backs of their hands, which is especially true if you consult an experienced agent.
Be warned though: they might require as much as 6% or more off any profits you make while selling your home, so take this into account if you really want to consult an agent.
2. Sell Via A Short Sale
To avoid foreclosure on the property, you and your lender can agree to sell via short sale, otherwise known as a compromise sale. Your bank must also be willing to incur a loss on the sale, so make sure this is approved before moving forward.
3. Sell Via FSBO (For Sale By Owner)
This is one of the cheapest ways to sell a home, and could be speedy if you have the business acumen to sell the home by yourself. You won’t have to pay for the help of a realtor, and will likely only need to consult with an attorney.
4. Sell To An Investment Company
You may have to come down on your asking price for this option, but you can sell quickly if you have reduced After Repair Value on your home. Expect a purchase of at least 60% or even less of the After Repair Value calculation. Make sure your negotiating skills are on point if you choose this route.
Ready To Sell Your home?
Need to consult a company experienced in dealing with houses for cash deals in Lake Nona, FL?
Look no further than Kindred Homes, where we buy houses for cash quickly and fairly. This means you don’t have to worry about hidden fees, commissions, repairs, or even cleaning the property. We take care of everything for you, and are only interested in providing you with the best deals possible for the sale of your home.
All you have to do is visit our website and fill out our online form to avail of your cash offer today.
