How To Sell House Without Equity
Many New Orleans area home buyers will buy a house at or above retail value. For those that qualify, they often buy using a loan and very little money down.
A big problem occurs when it comes time to sell their house within a few years and they have little to no equity. Traditionally, the seller will pay for most of the cost of the transaction. These costs of selling can include:
- Realtor commissions (both the buyer’s and seller’s agents)
- Title insurance
- Escrow fees
- Prorated property taxes
- Often even fees for the buyer’s new loan.
In most cases, these costs will be in the range of 10% or more of the negotiated selling price. That means that for every $100,000 in the selling price, between $10,000 and $13,000 will be taken out of your proceeds at closing. That is a bitter pill to swallow for any home owner!
Even home sellers who put up a 5% or 10% down payment, may have little to no equity if there is an economic recession or no real estate market appreciation in the area.
When we buy your house, we don’t need your closing costs. At Fairview Home Buyers, we buy and sell houses throughout the New Orleans area and can provide multiple options for you. We have solutions for many different situations including nicer houses that are underwater.
If your property meets our buying criteria, we can buy your home, close whenever you're ready, and even pay for the cost of selling. Contact us today to get a fair offer and learn more about how our process works.
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“Don't be afraid to give up the good to go for the great."
— John D. Rockefeller
"You can dream, create, design, and build the most beautiful place in the world, but it requires people to make it a reality."
--Walt Disney
“If one advances confidently in the direction of his own dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.”
— Henry David Thoreau.
"The only failure lies in failure to start."
—Harold Blake Walker