Facing the challenge of selling a home in Knoxville or East Tennessee where you owe more than it’s worth? You’re not alone. Being “underwater” or “upside down” on your mortgage can feel overwhelming, but it doesn’t mean you’re stuck. Tact Prudence, specializes in helping homeowners navigate these tricky situations and find solutions that work.
Understanding the Challenge: What Does “Underwater” Mean?
In the Knoxville housing market, it’s not uncommon for homeowners to feel stuck when prices flatten or dip after they buy. If you bought with a low down payment, refinanced, or took out a HELOC, you might now owe more than your home would sell for today. That’s where local creative solutions like lease purchase can make a big difference.
Being underwater on your mortgage simply means the current market value of your home is less than the remaining balance on your loan. This can happen due to various factors, including declining property values, economic downturns, or even over-leveraging when you initially purchased the property.
Don’t Panic! A Solution Exists.
While being underwater presents unique hurdles, selling your home is still possible. Tact Prudence, can help you explore a powerful option:
Lease Purchase: Often the BEST Solution!
For many homeowners underwater on their mortgage, a lease purchase agreement offers the most advantageous path forward. This arrangement allows you to sell your home to Tact Prudence, on terms, often including a lease period. This can provide several benefits:
- Time to Regain Equity: During the lease period, the market may improve, potentially increasing your home’s value and lessening the gap between your loan balance and the market price.
- Avoid Immediate Cash Outlay: A lease purchase minimizes or eliminates the need for you to bring cash to closing, which is often a significant hurdle when underwater.
- Flexible Terms: Lease purchase agreements can be structured to meet your specific needs and financial situation.
- Smooth Transition: You may be able to remain in your home during the lease period, providing a smooth transition.
If you’re underwater on your mortgage in Knoxville and want to explore a lease purchase or other creative options, call Tact Prudence at 865-272-2000 or request your options online using the Get My Cash Offer form.
Tact Prudence, can work with you to create a lease purchase agreement that works for everyone, offering a path to eventually selling your home for a price that covers your mortgage.
For a deeper breakdown of options when you have little or no equity, see our guide: How to Sell a House With Little or No Equity in Knoxville, TN (Without Losing Money)
How Tact Prudence, Can Help
- Expert Guidance: We have extensive experience working with homeowners in underwater situations. We understand the intricacies of these transactions and can provide you with the expert guidance you need.
- Personalized Solutions: We’ll take the time to understand your unique circumstances and develop a tailored lease purchase strategy that meets your specific needs.
- Streamlined Process: We aim to make the selling process as smooth and stress-free as possible, handling the paperwork and negotiations on your behalf.
- Transparent Communication: We’ll keep you informed every step of the way, ensuring you understand your options and the progress of your sale.
Don’t let being underwater hold you back. Contact Tact Prudence, today for a free consultation. Let us help you explore the often-favorable lease purchase option and find the best solution for your situation. We’re here to help you navigate this challenging time and move forward with your financial goals.
Call us at 865-272-2000 to learn more!
