Selling a home is already a tough process. But selling a home without equity? That’s a nightmare waiting to unfold. Equity is a bargaining chip sellers can use to get an advantageous price on their property. A home with no equity will take longer to sell and may cause a significant amount of stress. Not to mention needing to sell it before the foreclosure process begins.
If you’re trying to sell your zero-equity home in New Orleans, LA, here are three options you should look into.
Sell Through a Real Estate Agent
The first option many people resort to is the traditional one—selling through a real estate agent familiar with New Orleans’ real estate landscape. The biggest setback to this option is the added costs associated with it. You’ll need to pay for realtor fees as well as closing costs. When selling a home with no equity, you’re already looking at minimal sales profits, so this could end up costing you more money than you’ll get to keep.
Short Sale
Another option many people look into is selling through a short sale. A short sale refers to selling your New Orleans home for less than its market value and is done to avoid foreclosure. Before conducting a short sale, you need to get permission from your lender. Once your lender has given you the go-signal, you can then put your house up on the market. Although this may entail having no profit from the sale, it at least spares you from foreclosure, saving your credit score and giving you a better chance at getting another loan in the future.
For Sale By Owner (FSBO)
If you don’t want to pay additional charges, you can opt to sell your New Orleans home yourself. This allows you to keep 100% of the profit. Selling a home is not easy, however, and the paperwork can be quite complex. You may also need to hire a real estate lawyer to draft the contracts for you. If you do not have prior experience in selling a home in New Orleans or do not have a buyer already lined up, this may not be the option for you.
Sell to a Professional Cash Home Buyer
If you’re really in a pinch and need to sell your New Orleans home fast, selling to a professional cash home buyer is the option for you. Cash home buyers purchase home using cash instead of a loan, so they are able to give an offer and close the sale quickly. Since time is not on your side when your home does not have equity, you need to be able to dispose of it before your lender forecloses on your property.
NEED TO LEARN MORE?
Selling your home without equity can be a challenge. If you’re asking yourself “who can buy my house fast in New Orleans,” then we’ve got the solution for you. Sell it to a professional cash home buyer such as Albatross Home Buyers LLC!
Albatross Home Buyers LLC is the area’s premier real estate solutions company, and since our inception we have helped homeowners and improved communities in each and every city we work in.
Through our extensive knowledge of the business, network of resources, and years of expertise, we are able to assist homeowners with a wide variety of real estate problems. We pride ourselves on our reputation for working one-on-one with each customer to handle their individual situations.
As a cash home buyer in New Orleans, LA, we make selling houses easy and convenient for you. We buy houses in any state or condition it’s in, including homes without equity, and pay in cash. This allows you to get your money ASAP. After viewing the property, we’ll give you a fair, no-obligation cash offer within 72 hours. If the offer is favorable to you, you can choose your closing date and finish the sale in as quickly as 14 days.
Our mission is to rejuvenate neighborhoods and increase the standard of living by improving the overall quality of housing for the residents.
Click the call button on our website and let’s see how we can work together!