Hi, it’s Wes here with OC Real Estate. I just wanted to talk a little bit about selling your low equity house or no equity house. Perhaps you’re underwater on your mortgage, but we have a few options for you today and I’ll go over them real quick.
One, you can sell with a realtor, and this is a great option for a lot of people selling their house. Not necessarily if you don’t have much equity, because even if the realtor gets market price for your house, you still owe commissions, closing costs and various other fees that may pop up, so you end up walking away from the sale owing money.
Another option is if you’re getting ready to go into foreclosure, you can negotiate with your lender or the bank and you can do a short sale. They’ll let you sell your house for less than what you owe on it just so you can avoid a foreclosure, because the bank really doesn’t want to take over your property anyways.
Now this is great, because you avoid having that foreclosure on your record and you’ll have the option to go out and get another loan before that gets removed from your record. However, you won’t end up making any money and you could still owe the bank some money for letting you do this short sale.
Now, a third option is you can do for sale by owner. You can sell it yourself, take some pictures, put it on Zillow. This is a great option, because then you won’t owe any fees to the realtor, you could still have closing costs. Unfortunately, most people won’t be able to get as high of a price as if they used a realtor and you’ll still have to get your house ready. You’ll have to clean it up, make repairs, take pictures, have showings, that kind of thing. So it can be kind of lengthy, and you may not get the full value that you need to pay off your mortgage.
A fourth option is you can go to your local We Buy Houses investors, you see the signs everywhere. This is good, this will really help you out as far as the fees go and the speed. They can close oftentimes in seven to 30 days. They don’t charge fees, they’ll cover your closing costs, your realtor costs. The only problem with using one of these guys is they’re probably going to low-ball you a little bit, because they have to make money on the deal too, so they’re going to get it under a price that they can be making money on.
Now, we like to use a few different options. We will make cash offers if that’s what you’re looking for, but you’re probably going to get that lower offer. But we also have some creative ways where we can pay you your full-blown amount or even more. We’ve been known to pay above market value just through some of the strategies that we can use, and we’d love to talk to you about how we can help you out.
So if you have any questions, just give us a call or fill out one of the forms on our website and we’ll reach out to you. If we can’t help you, we’ll help you find someone that can help you. We will help solve your problem, whether it’s with us or someone else. Hope to talk to you soon and good luck. Bye.