We Buy Houses in London, Ohio! Equity is a driving force in building wealth, and selling your house before building any equity can be disheartening and sometimes leaves sellers owing money at the closing table. So read on as we explore selling a house with no equity in London, Ohio.
Shortfall In Funds
Selling a home with no equity in London or anywhere in Ohio means that the sale proceeds may not be sufficient to pay off the full mortgage balance. Homeowners should carefully calculate the potential shortfall and be prepared to cover the difference. It’s crucial to communicate with the lender early on to understand their requirements and potential options for addressing the shortfall. At Homesmith, our professional buyers will advise you of what they believe is the best way to sell your house with no equity, no matter how you decide to sell.
Short Sale
After attaining the approval of their lender to sell for less than the amount still owing on the mortgage, short sales allow homeowners to sell a house with no equity in the London, Ohio area. In this real estate transaction, you’ll be doing a great deal of leg work to get offers approved, as the lender agrees to accept less than you owe for the mortgage, avoiding foreclosure. Expect your credit score to lower for the short sale, but not as low as a foreclosure would take it, and the information will appear for seven years. As for attaining a new mortgage, you may need to wait for one to four years, depending on many factors, unlike with a foreclosure, where the consequences are more severe. Professional buyers like those at Homesmith are highly seasoned local investors who want to help their neighbors here in London sell their houses for the most profit in the way that is most beneficial to personal and financial circumstances.
Owner Financing
One way to sell a house with no equity in London and surrounding areas is by finding a willing owner-financing buyer. These buyers typically don’t qualify for conventional loans and need time to get their finances together. There are many benefits to selling through owner financing if you’re willing to take on the risks of working with this category of buyers. Being mindful of the laws governing real estate, you can make a quick sale and earn an income stream from the property, while the buyer is responsible for the property, which reverts to you should they walk. In addition, you could take a financial hit if they vacate and leave your house in disrepair. Professional buyers like those at Homesmith can help you weigh the pros and cons of owner financing.
Credit Concerns
Selling a home with no equity can have negative consequences for the homeowner’s credit. It’s important to understand the potential impact on credit scores and future borrowing abilities. Exploring options for mitigating the credit impact or seeking credit counseling services may be beneficial. Our professional buyers at Homesmith also will detail the numbers you could expect to earn and the risks involved to help you understand the best sales method for your house, given your circumstances.
Direct Sale
The best way to sell a London area house with no equity is by making a direct sale with a guaranteed closing within just days; ask us about a flexible date. You can avoid the hassles of a short sale or foreclosure altogether. Furthermore, you won’t need to worry about spending a penny out of pocket to prep or make repairs by selling directly to a professional buyer like those at Homesmith. In addition, you can skip the entire showing process with a direct sale because we buy houses in as-is condition at Homesmith, and our professional buyers pay cash for houses with no equity making the process fast and easy.
Finally, we’ll compare our offer to all your options so you can make an educated decision because the professional buyers at Homesmith want you to feel good about working with us long after closing. You won’t pay commissions, and there are no hidden fees; our offer is the amount paid at closing because of our full-service in-house team of industry specialists. Your best option to sell a house with no equity in London and Central Ohio is a direct sale to a professional buyer at Homesmith. Contact Homesmith at (614) 401-3651 or toll free at (877) HOMESMITH.