There are plenty of challenges to selling your house, from market instability to performing major repairs to attract buyers. One of the biggest hurdles for some homeowners is selling a home with negative equity. If you find yourself in this situation, you’ve come to the right place.
Owing more on your home than it’s currently worth may have you pondering your options. Check out tips for navigating an underwater mortgage so you can walk away from the burden of negative home equity.
Potential Solutions for Homeowners Who Don’t Want To Sell
If you hate the idea of selling a home with negative equity, you’ll be happy to know that you have other options. Say your principal balance on your mortgage is $400,000, but your home’s market value has dipped to $380,000. Consider asking your lender for a loan modification.
Modifying your home loan is an option for foreclosure avoidance. Depending on your financial situation, you could also try making additional payments. Advancing a mortgage payoff isn’t feasible for every homeowner, but it’s worth considering if you don’t want to sell.
How To Sell Your House With an Underwater Mortgage
Selling a home with negative equity can seem daunting, but it’s not impossible. Discover some ways to improve your equity and sell your house for more than you owe on it.
Consider Making Home Improvements
To get yourself out of negative equity, take steps to increase the value of your home. Various improvement projects may do the trick, such as upgrading old appliances, remodeling your kitchen, or even giving the landscape a fresh look. Review your finances to see if these improvements are possible and consider their possible return on investment.
Inquire About a Short Sale
What can you do if real estate professionals say your home could only sell for $300,000, but you happen to owe your lender $310,000 for your home loan? Your mortgage lender may forgive the remaining balance by agreeing to a short sale. This essentially means that you can sell the home for less than your principal balance and not worry about covering the difference.
It’s not guaranteed that your lender will agree to this. Reach out to your home loan provider before you consider listing your home on the market or contacting a cash buyer.
Find a Cash Home Buyer
With an underwater mortgage, you may want to sell your house as soon as possible. Cash buyers like Home Buyers of Savannah can expedite the closing and save you from the hassles that often come with a traditional sale.
We’ll Buy Your House for Cash
Avoid the struggles of selling a home with negative equity and reach out to Home Buyers of Savannah. We purchase houses in any condition and can close the sale within days of you accepting our cash offer. Don’t worry about your liability after selling, required inspections, and other issues.
Contact our team today at (912) 513-8744 to learn about our process and receive your fair, cash offer.
