How to sell a house with an underwater mortgage in Austin, Texas

The real estate market has been improving in many parts of the country, but even in a strong real estate market like Austin, Texas, there are still some folks who don’t have enough equity to sell their house.  Whenever a  mortgage is larger than the value of the house, it is referred to as an ‘underwater‘ mortgage.  If you’re in this situation, you are not alone.

According to NBCNews.com, “Despite rising home prices, 13 million borrowers, or 25.4 percent of all homeowners with a mortgage, still owe more on their mortgages than their homes are worth, according to a new report from Zillow. So-called “underwater” borrowers would have to pay money into their loans to get out of their homes. Another 9 million borrowers, while not entirely underwater, likely do not have enough equity in their homes to afford to move.” – http://www.nbcnews.com/business/underwater-homeowners-find-theyve-become-accidental-landlords-6C10064290

Here’s an example of a tough situation that’s facing more than 13 million homeowners in this country:

• Seller owes $200k on their house.
• House is worth $190k.
• Deficiency is $10k, meaning that if they sold the house for $190k, they’d have to write a check to the bank for $10k.
• Closing costs- (7.5%)- $14,250
• Total cost of selling house- $24,250.

In this situation, many home sellers would rather have their house go to foreclosure than pay $24,250 to sell their house.

Now, here’s another example that’s facing 9 million Americans who own homes:

• Seller owes $200k on their house
• House is worth $200k
• Closing costs – $15,000
• Total Cost of selling the house is $15k

In this situation, even if you don’t have negative equity, you will still have to come out of pocket to sell your house if you’re selling using traditional methods.

In fact, in the two situations above, you’d have to have approximately $20k in equity to be able to sell your house and not come out of pocket.  Unfortunately, this is just not the situation for millions of homeowners around the country.

So if you’re one of the 25% of homeowners that have an underwater mortgage and are looking to sell their house quickly in Austin, Texas, what are your options?

At Hippie Hollow Homes, we use multiple real estate investing strategies to solve problems for our customers.  For most people, selling their home quickly is the biggest problem they’ll ever encounter.

Since 2004, we’ve participated in more than 1,200 real estate transactions by using out of the box, non traditional real estate strategies to solve these types of problems.

This includes selling homes with little, no or even negative equity without having the seller come out of pocket for any expenses or having their credit damaged.

There is very little in Central Texas real estate that we haven’t seen or experienced.  The only way that we cannot assist you is if you do not contact us.

If you’re looking to sell your house fast in Austin, Texas, but do not have equity, please contact us today by clicking here.

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