Have a home with Little or No Equity?

We buy no equity houses

When your real estate agent turns you away!

Sell us your Charlotte NC house with no equity.  We love houses that are upside down on the mortgage.  Real Estate agents turn homeowners with little or no equity away a lot of the time if they don’t see a way, they can easily make their commission. Any home that lacks the commission they are accustomed to earning they will not waste their time to list your house which could put you in a bind when you need something done right away. There are a few ways we can purchase your home with no equity, depending on the severity of the situation we will choose either of the following methods:

“Take Over” Purchase:

Is when we decide for our company to buy your house and we take over your payments on your behalf. Ownership transfers from you to our company. The loan remains in your name and attached to the house. Now why would you even consider doing something like that? If you can’t afford to make your payments anymore, or you don’t have any equity in your house, or you owe more than the house will appraise for, then this method would be the only way we can relieve you from the burden of your stress.

Some situations won’t allow you the traditional way of selling your house, meaning if you have little or no equity, it’s just not feasible for us to pay cash because we are in the business of making a profit. When you need a fast sell your options are slim, so we like to give you some sort of out especially if you want to preserve your credit.

If you are thinking “well maybe I can list, my house with a real estate agent” and you probably can but if you don’t get a buyer soon then your only option is renting your house out. Or you could short sale your house if you owe more than your home is worth or don’t have enough equity but that would require you to be delinquent on your mortgage. If you don’t find a buyer to wait out the process, the short sale won’t work plus your lender will have to approve the process.

You could allow your house to go into foreclosure or file bankruptcy or you can try selling to a retail buyer in this slow real estate market. All these choices are risky and can cause a negative affect if you put all your eggs in one basket, without solving the basic problem of how to make your monthly payments.

“Take over” allows you to walk away from the house and let us pay the debt for you. Yes, there are risks involved with this type of transaction (your lender may call the loan due since title has transferred, which is almost impossible during these economic tough times); but that’s a lot better than waiting around until someone else makes you a full price offer, which is rare after the market started to turn. Since it’s very likely that you won’t be able to sell your house to a retail buyer quickly, then you’re risking your house and personal credit anyway by waiting around for a buyer to rescue you. If you are facing foreclosure then you would lose your home, at least selling through the takeover, you can also put some cash in your hands now or usually down the line because we don’t have to pay the usual loan fees or have the high interest rate for investors. It comes down to a simple choice; Do you want to turn your house over to someone who can make your monthly payments for you, or do you want to continue making your payments yourself or worst yet lose everything because you can’t afford your house?

Lease-option:

This is where we lease your house from you, with the option to purchase your house for a preset price, within a predetermined time period. Also, we have the right to sub-lease your house to someone else who will be living in your house. I will make a monthly payment to you, which you MUST use to pay your monthly payment to your lender. At any time within the lease period (3-year minimum), we have the right to buy the house from you, for the price we agreed to whenever we sign the lease-option agreement. If we don’t buy the house by the end of the lease term, then you will get the house back (with 3 years’ worth of equity courtesy of us) and you can do whatever you like with it. A lot of homeowners like the benefit of temporarily getting from underneath their payments so they can get some breathing room.

During the lease option period will make the payments to you AND maintain the property while we’re leasing it from you. If we fail to live up to our obligations to you, then you have the right to cancel the agreement and evict us and the tenant from the house or you can choose to keep the tenant. For us to consider a lease-option, the deal doesn’t have to be a homerun, but it will have to be something we can profit on.

Installment Agreement:

An installment agreement is almost like a lease option where the seller remains in control of the deed however an installment agreement is a deferred sale. The property in this case would become our company’s but the deed won’t transfer to us until we have refinanced the home or bought you out of the contract. Sellers like this type of deal because it gets them the cash they want because they have the same control as a lease option, but buyer is locked into the deal. Homeowner’s success rates are over 90% with these transactions. Another reason most owners love these transactions because they can get more cash for their home than the two listed above.

For homeowners that would like to try to refinance their mortgage even with no equity, we have a few resources that we can point you too.  If you want to keep your home and try to obtain financing contact us as well.  There might be options for you to modify your loan or find a mortgage broker that can deal with homeowners with little or no equity if you have good credit.  With good credit you can easily refinance.

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Call if you have any questions you can give us a call at 888-219-8619.  We Buy No Equity Houses in Charlotte NC.