October 5, 2020
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.
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