Selling a house with little or no equity
No equity? Nothing to be ashamed of. Creative financing means we can sometimes make an offer when a normal sale cannot.
Can I sell my house if I owe more than it's worth?
It is harder, but there are options. You can list and hope the price clears the loan, ask your lender about a short sale, or talk about a loan change. We also look at creative financing, where we buy on terms instead of all cash. Talk to a Minnesota attorney before agreeing to anything.
How can you buy a house with no equity?
A normal sale pays off the loan and the costs from the sale price, so there has to be room. Creative financing works differently. Instead of a big cash payment, the purchase can be structured over time, which sometimes makes the numbers work. We walk you through exactly how, in writing.
Could buying on terms mean a higher price than cash?
Sometimes, yes. Terms can mean a higher total price than a cash offer, because you are giving us time to pay. The tradeoff is that you wait for your money, and your existing loan matters. We explain both paths and you choose. A real estate attorney should review any terms deal.
What are the risks of selling on terms?
Honest answer: they exist. If a loan stays in your name, you want to know how it will be paid and what happens if payments stop. Your lender's rules also matter. That is why a Minnesota real estate attorney should read the paperwork before you sign.
Do I still pay commissions and closing fees if I have no equity?
You do not pay us commissions or fees. A title company handles the closing, and any standard closing costs are laid out in writing before you sign. Not needing to bring cash to closing is a big reason people with little equity call us.
Want to know what we would pay?
Tell us the address and the situation. It costs nothing and you are never obligated to take the number.
Get my cash offerOther situations we buy in
We buy in Minneapolis, Chaska, Bloomington, Brooklyn Park, Brooklyn Center, Burnsville, Columbia Heights, Carver, Crystal, Eden Prairie, Fridley, Minnetonka, New Hope, Robbinsdale, Richfield, Savage, Shakopee, South Saint Paul, Waconia, Watertown, West Saint Paul.