Closing a Chicago home and finishing up on a sale should be an exciting time for sellers. After all, that means you can start enjoying those big bucks you’ve just added to your account. Sadly, not all home sellers get to feel this kind of elation, especially if they’re in possession of a zero-equity Chicago home. While this may be the case, it’s still important to sell the house rather than to fall into bigger debt by letting your unpaid mortgages pile up.
In today’s article, we’ll be walking you through our top tips on how you can sell a property with no equity in Chicago.
WHAT DOES EQUITY MEAN?
Equity is the portion of your home that you own outright. For example, if your home is worth $200,000 and you have a mortgage balance of $100,000, then you have $100,000 in equity.
HOW DOES A HOME END UP WITH NO EQUITY?
If the value of your home decreases, you could end up owing more money on your mortgage than your Chicago home is worth. This is known as being “underwater” on your mortgage. If you need to sell your home, you may not be able to get enough money from the sale to pay off your mortgage.
CAN I SELL PROPERTY WITH NO EQUITY IN CHICAGO?
Yes, you can. You have to remember though that if you’re selling a property with no equity, you’ll need to bring cash to the closing table. This means that you won’t be able to use the proceeds from the sale to pay off your mortgage or other debts.
TIPS ON HOW TO SELL PROPERTY WITH NO EQUITY IN CHICAGO
- Hire a professional real estate agent: Selling a no equity Chicago property is no joke, and it takes an experienced real estate broker to navigate it successfully.
- Sell it yourself: if you have no room in your budget to hire a real estate agent, you can try selling the home yourself. If you aren’t experienced in selling houses, though, this will be confusing and stressful.
- Review equity laws: Each state has their own take on equity, so make sure you know what the requirements and processes are.
- Take to a Chicago real estate lawyer: You may also want to consider speaking with a real estate lawyer to know about what could possibly happen to your home as well as options to consider.
However, if you’d rather do away with the long and arduous process of preparing your zero-equity home for sale, you can simply decide to sell it to a direct home buyer like Onyx Homes LLC. We buy houses in Chicago, IL regardless of its status or condition.
READY TO SELL YOUR HOME?
If you’re looking for ways to sell your house fast in Chicago, even if it has zero equity, you should consider selling to a professional home buyer. Who has the time to sell your property through a real estate agent when time is of the essence? We understand the urgency, and we’re here to help.
Here at Onyx Homes LLC, we are experienced cash home buyers in Chicago, IL. We will provide you with the best offer for your Chicago home and deliver a quick and painless close to the buying process. If you don’t want to go through the hassle of listing your home and working with a real estate agent, going through the motions of a regular sale, and negotiating with potential buyers, you can always opt to just sell your Chicago home to us! We’ll take care of the rest.
Our goal at Onyx Homes LLC is to improve the overall quality of housing for the residents of Chicago, IL. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. You can either take a step forward into your new life by accepting our fair cash offer or take your chances with the long arduous process of traditional home selling. For more information about our home buying process, give us a call at (847) 262-9012 today.
