We took over the payments for this house with no equity

We bought this house in Slidell by taking over the mortgage payments. This can be a good way to sell a house that is upside down or has no equity. In this particular case the owner had only owned the house a few years and she still owed pretty much what the house was worth. While the mortgage wasn’t technically upside down, once you allow for the realtor fees, closing costs and concessions (Which are generally 10% of sales price) then she would have had to pay someone to take her house from her. Obviously that would be a terrible outcome so she reached out to Home Buyer Louisiana to see if we could help. It turned out we could help. It was more of a rental area than a homeowner which is another reason she didn’t want to sell as she knew it would sit on the market a few months while she would have to make the note payments. We have a rental portfolio and are always happy to add to it so we paid her the full amount she owed, we paid all the closing costs and there were obviously no realtor fees as she sold her house without a realtor.

This was a real win-win scenario as she sold her house fast and was able to close on her new house. She didn’t have to make note payments while it was on the market, have open houses, stage the house and deal with people and instead just sold in As Is condition with very little fuss. We were happy as we were able to buy a rental and although we paid full market price for it we didn’t have to sink all of our cash into it upfront and were able to utilize the existing financing that was in place. We were then able to pay the closing cost, get the house ready for a tenant and have a new property in our rental portfolio.

If you have a house you are looking to sell then reach out to Home Buyer Louisiana to see if we can help. It doesn’t matter if your mortgage is upside down or your house needs repairs. We know there are a lot of ways to sell your house and can help put together the best solution for you. Even if we aren’t the best option for you to sell to, we will always tell you that as we only want to buy your house if it’s a true win-win situation. You can reach us by filling in the online form or giving us a call.

Watch the video to learn more about how to bought the property by take over the mortgage or read the video transcript below.

Common Seller Questions Answered in This Video:

Q: What happens if I need to sell but have no equity?
A: We can structure deals where we take over the existing loan, saving you from foreclosure or out-of-pocket expenses.

Q: Is this the same as a short sale?
A: No. We keep the loan in place and take over the payments with your lender’s permission or through creative terms.

Q: How fast can we complete a deal like this?
A: We can often close in 7–14 days depending on paperwork and loan servicing requirements.

Hey, it’s Aussie Steve here from Home Buyer Louisiana. We buy houses all over Louisiana in any condition or situation.

I’m here at a property we recently purchased in Louisiana. It’s an interesting case because the house is actually in pretty good condition—nothing major wrong with it. The seller had only owned it for a couple of years, and the mortgage balance was basically the same as the property’s current market value. That made it really tough for her to sell through traditional channels.

Even if she sold it for what it’s worth, once you factor in real estate commissions—buyer and seller side—closing costs, and potential concessions after inspections, she’d be looking at about 10% in selling expenses. That means she would’ve had to bring money to the closing table just to sell her home, which obviously isn’t an ideal situation.

To make things harder, the property is in more of a rental neighborhood and houses tend to sit on the market for a few months before selling. She had already found a new property and was ready to move on, but didn’t want to keep paying the mortgage on this house while it sat unsold.

So, what we did was buy the house at full retail value by taking over the existing mortgage payments. Instead of bringing money to a title company to pay off the mortgage, we just left the mortgage in place and started making the monthly payments on her behalf. We essentially stepped into her position and took over responsibility for the home.

Our plan is to find great tenants and manage the property ourselves. She didn’t want to be a landlord, didn’t want to keep making mortgage payments, and didn’t want to pay to sell the house. So this worked out perfectly for her. She got to walk away without owing money, and we got a solid rental to add to our portfolio.

We’re now responsible for the taxes, insurance, and everything else related to the property. If anything were to happen—like a tenant lawsuit—it would be our responsibility, not hers. This strategy is a great solution for homeowners who owe about what their house is worth and don’t want to lose money just to sell it.

This house is a small two-bedroom in Slidell with nice floors and no major issues—just needs a little cleanup before it’s ready for tenants. Unfortunately, because of the mortgage balance, the seller would’ve had to pay someone to take it off her hands, which no one wants to do.

This creative structure allowed her to move forward with her new home, and we’re happy to have the property. It’s truly a win-win situation.

If you’re in a similar situation—maybe you owe close to what your house is worth, or it needs work before it can be sold to a homeowner—reach out to us at HomeBuyerLouisiana.com. We’d love to talk through your situation and see if we can find a win-win solution like this one.

Thanks so much and have a great day!

If you know anyone looking to sell their house in Louisiana let them know we are buying. We buy houses all over Louisiana but have a particular emphasis on Greater New Orleans,  Metairie, Baton Rouge, Lafayette  and the Mississippi Gulf Coast. If you are selling a house in those areas reach out to us for an obligation free cash offer on our house.