Real Estate Case Study: Selling A Home With No Equity

September 30, 2004

Hi Emily,

Selling a home with no equity
When Mr. and Mrs. P approached me about selling their home, it had been sitting on the market for 6 months. It was not moving because it was overpriced. It was overpriced because they had no equity. How can you sell a house with no (or little) equity? One way is to sell it to a real estate investor on terms.
Selling a home with no equity
If your home has little or no equity, it can feel like you’re walking a tight-rope as you try to list it for enough to cover your mortgage payoff plus closing costs. How can this work?

Thanks for buying our house.  When we called you off the letter you sent, we’d had our property listed on the market for months.  We’d had a couple of offers, but no one could get the bank financing they needed to buy our home.

We were eager to sell the house and move into a home more appropriate for our growing family.  We really appreciate your accommodating our timeline.  I remember when we sat down to talk, I told you I wanted to sell the house, buy a new home and then leave on a month-long vacation all within a couple of months.  Well, it worked!

Thanks so much for taking care of everything so quickly.  We’re back from our trip, and enjoying our new home now that our old home is finally SOLD!  

Sincerely,

Mr. and Mrs. P

Rural Hall, NC

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Emily Cressey

Emily Cressey is a real estate broker residing in Lake Forest Park, WA who services the Greater Seattle area including Shoreline, Mountlake Terrace, Brier, Lynnwood, Kenmore, Bothell and Edmonds, WA.

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