Are you facing a problem in trying to sell your house on the market because of equity problems? Sometimes, sellers end up paying to sell their house on the market.
While it might seem strange, but it is true that some sellers end up paying in order to sell their house on the market, and the reason is the lack of equity. If you purchased your house by taking a mortgage loan from a lender, which was more than 90% of the property purchase price, then that might probably mean that you don’t have any equity to pay the closing costs.
As closing costs include the agent’s commission, which can very well range up to 8% to 10% of the total purchase price, this extra expense is also met by the seller, making him pay for the sale of his own house.
Even then, it is not an easy task trying to find a buyer who will be interested in purchasing a property which has equity problems. Most sellers opt to sell their house, because they find it hard to meet the monthly payments. They either find it really hard to keep up with their debt payments or are on the brink of a foreclosure, which might have prompted their decision to make a property sale on the market.
While selling a house with no equity might be a major problem, another issue might also be the lack of suitable resources needed to fix up the house, ensure required repair work, and make it ready for listing on the market. If a seller doesn’t have the required resources to do so, they usually perceive that they have a very slim chance of securing a deal on their house. And even if they do get an offer, sellers mostly expect a price much less than the actual value of the property. But this is not really the case.
While some buyers might be skeptical of purchasing a house with no equity, or might require the seller to take care of the urgent repair work before the deal is finalized, there is a niche of specialists in the industry, who would only be too willing to buy the place. These buyers specialize in purchasing distressed properties, as they transform a problem property into a good investment.
These buyers buy the distressed properties, offering a suitably fair price to the seller, and don’t have any requirements linked with the urgent repairs of the property. The reason being, that these buyers purchase such properties with a view to renovate and invest in them, and then sell it in the market for a decent price. All the required repair work is done by them, so they don’t present any list of requirements to the already stressed seller, and are only interested in making a wise investment in the sector.
The wise decision is to seek the help of such specialized expert buyers, so that you can easily sell off your house, settle your debts and avoid any negative impact on your credit record. Just sell it fast on the market and get a good price for your problem property.