Friday, September 8, 2017

What is Equity in a Property?

Hey everyone! John Martinez here, and I am excited for you to read my very first blog post! I want to help everyone out there make educated choices when it comes to selling your house because there are definitely scammers out there that try to make a quick dollar off of someone else's misfortunes, which is just not okay at all. So the first thing you need to know about you house is the amount of equity you have in the property. But what is equity exactly? Well, great question! Let's dive in!
Equity is the amount of money you have invested into your house. So typically, cash house buyers who close fast want to find equity in a property because that's where the real money is. So you need to counter that and know how much money you have stock piled in your house. So how can you find out how much equity you have? Easy!
Let's start with an example. Your house as-is is worth $100,000 (as-is means the house as the condition that it stands it, so the house right now without making any repairs is worth $100,000), but your mortgage only has $50,000 on it.
You simply take what you can sell that house for minus what you owe on it. So in this case you'd take $100,000 and subtract $50,000, so you have $50,000 worth of equity in your house. Pretty simple, right?
So if you want to cash out of your house and get cash for your equity, you need to search who buys real estate property for cash in my area? And you'll get connected with a local real estate investor who will buy your property!
If you have further questions, don't hesitate to follow me and message me on Google Plus!!

No comments:

Post a Comment