Home Selling in Houston>Question Details

Snicker, Home Seller in Houston, TX

i need to sell my house but do not have money for closing.

Asked by Snicker, Houston, TX Mon Mar 14, 2011

Help the community by answering this question:


You don't need to have "cash" to pay for closing expenses on the seller side as your home should have some kind of equity to obsorb the closing costs and commissions. If you recently purchased the home, then there probably isn't any room. The closing costs for a seller are minimal aside from commissions. There are plenty of options to explore, however more information is needed about the details of your situation in order to better advise you. I am a Houston Real Estate Agent with experience in short sales, seller financing deal, and working with all sorts of deals that require "out of the box" thinking. If you have 10 minutes to discuss your situation I can shed some light on the options available to you. I can help you sell your home in whatever fashion best suites your needs and help you purchase or rent another home as you're going to need some place to go after we sell your home. Whatever the situation I can help you. Give me a call at 281-433-9434.
1 vote Thank Flag Link Mon Mar 14, 2011
We buy houses and real estate all across all of Austin. If you want or need to sell your houses fast in Austin, fill out our form to get an offer on your houses today. We can close fast and in cash. call 315 558 8332
0 votes Thank Flag Link Sun Mar 1, 2015
You will not need any money to sell up front. Your closing cost will come from the sell of your home.Pinky Meadors Realtor.Pearland , tx.
0 votes Thank Flag Link Tue Mar 22, 2011
How do you know for sure that you have no money for closing? Have you talked with a Realtor to set an asking price? Maybe you have more equity than you know.
0 votes Thank Flag Link Tue Mar 15, 2011

Don't worry you are not alone. In fact 1 out of 4 people are under water across america, some as bad as 1 out of every 2 homes in some communities. A lot of people are suggesting a short sale. Here is a blog i wrote on the topic.
0 votes Thank Flag Link Tue Mar 15, 2011
Good Morning,
I am not really sure of your current situation with the home but where there is a will there is a way. You have options. I will be more than happy to assist you. Take a deep breath, every agent that has answered your question is here for You especially me :-)
Web Reference: http://www.Har.com/LLendsey
0 votes Thank Flag Link Tue Mar 15, 2011
If you don't have money for closing then you need contact your lender request for a short sale approval.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Mon Mar 14, 2011
You can short sale your house. Your closing costs will be paid by your lender. We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Mon Mar 14, 2011
Snicker, if you are in a short sale situation(owe more than the home is worth) make sure you deal with an agent that has alot experience with these. I would ask to see the MLS print out of their closed short sales. This is a very difficult process to sell a home under and you want someone that knows the behind the scene issues of dealing with the lender. I am a very good residential agent but I would not take a short sale listing because I know I don't have the expertise to handle this well.
0 votes Thank Flag Link Mon Mar 14, 2011
Why are you so sure you need money for closing?
if that is the case, there is other alternatives, we need to do an analysis of your case to find out.
I'll be more than happy to help.
Here is my contact info.

Numa Varon
Tejano Realty Services
0 votes Thank Flag Link Mon Mar 14, 2011

You might have enough equity in the home to cover your closing cost (8% of final sales price is a good average to work on for what your "closing cost" will be) and it will be deducted from your proceeds.

Another thought is to set a very attractive low price and have the buyer pay your closing cost. Not typical, but possible.

If you think you are going to be in a "short sale" situation, you would need to start speaking to your current lender as they will have to review all of your current finances to see if you qualify. You will have to prove you are truely in a distress situation to them or they will not allow a short sale.

You simply need to sit down with an experienced Realtor to go over the rough numbers. I would be happy to do this right over the phone. No charge. Email or call. Information is power!!

Good luck!

Mark McNitt
Bernstein Realty
m 832-567-4357
0 votes Thank Flag Link Mon Mar 14, 2011
Hello, Snicker.
Depending on your situation there will be options. I am a certified 'Short Sale / Repo / Foreclore" agent. My name is Kathleen. I don't want to discuss your circumstances on the net. If you would call me at (281) 799-4002 or email me at KathleenRealtor1@gmail.com I would be able to give you some guidance. Don't wait because the longer it takes YOU to act the more time you've lost in setting things up to solve the concerns you have.
Good Luck, Kathleen (281) 799-4002
0 votes Thank Flag Link Mon Mar 14, 2011

You may be in what we call a short sale situation.
If the sales price and the equity you have if any don't match what you can get.
If this is the case we need to get you in touch with an experienced short sale specialist in
your neighborhood to help walk you through the sale.

Bruce Lynn
Keller Williams Realty
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Mon Mar 14, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
Closing costs will come from the proceeds as stated by other agents. If your home cannot sell for enough to cover the loan balance and closing costs, you can lease, consider owner financing or request a short sale depending on your financial circumstances.

A short sale is when your lender gives you permission to sell your home for less than you owe and they settle the debt for whatever the proceeds minus closing costs are. Short sales can be complex, lengthy transactions so you want to be sure to work with a short sale certified agent such as myself who has experience with theses type of transactions.

Give me a shout if you'd like a free consultation to determine what your home can sell for and what is the BEST option for your situation. I'm a Houston-area agent.

281-948-2528 Angelia McDaniel
0 votes Thank Flag Link Mon Mar 14, 2011
You have a few options depending upon your circumstance. Feel free to contact me via email or by phone and I will be more than happy to go over some options and you can decide what works best for you.

Katrina Shields
0 votes Thank Flag Link Mon Mar 14, 2011
Your post leaves more questions than answers.

1. Do you have equity or no equity?
2. Are you behind on payments, taxes, etc?
3. Why do you "need" to sell your home?
4. How much money do you feel you need at closing?
5. Have you considered alternative routes such as leasing, owner financing, etc?

Remember, a short-sale, deed-in-lieu, or foreclosure should be your last options, not your first.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Mon Mar 14, 2011
I am a Houston Realtor that can work a NET sheet for you to determine if you are upside down in your loan. The Seller closing cost is paid out of the closing cost at the time of closing. If you have to sell your home because of a financial situation, I can help you work through the short sale process. Give me a call 713.907.4233
0 votes Thank Flag Link Mon Mar 14, 2011
Are you upside down on your house? (owe more than what you can sell it for?) If so, you can try for a short sale. If you're just wanting to sell, and have some decent equity, they will take out the closing costs from your net proceeds. Find a local Realtor who can give you an idea of what you could sell your home for, and what the closing costs will be.
0 votes Thank Flag Link Mon Mar 14, 2011
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