Due to unexpected financial burdens and life changes, homeowners Charles and Paige Burba found themselves with no other option but to sell their home in Greenbriar, Tennessee. Their main problem was a lack of home equity during this process. Thankfully, My Tennessee Home Solution was able to help with a cash offer, utilizing the Equity Protection Program, and other great benefits.
Dive into the complex details surrounding this home sale and why the Burbas made the right decision.
How a Poor Home Inspection Hurt the Sellers
The Burbas purchased their Greenbriar home in 2021 and only a few years later needed to sell it. Their main motivator was the wrath of costly repairs that popped up due to an inadequate home inspection. They spent thousands of dollars on home repairs with more projects necessary to make their home safe and valuable.
Paying for these repairs would not be feasible for the Burbas. However, refinancing options or listing their home on the market would also prove difficult given their lack of home equity. That’s when they decided to contact My Tennessee Home Solution.
A Personalized Solution for Low Home Equity
When it comes to home equity protection, the federal Equity Protection Act focuses on asset preservation and aims to prevent equity theft. Many homeowners, like the Burbas, still find themselves needing to sell a home with little to no equity. This essentially means they have little ownership of the house when you take its appraised value and subtract all owed expenses, including:
- The outstanding home loan
- Mortgage insurance
- Property liens
- Separate home equity loans
If they were to sell without any type of home equity protection, the Burbas would walk away with minimal or no profit. They made the wise decision to contact My Tennessee Home Solution about our Equity Protection Program.
Benefits of Utilizing the Equity Protection Program for a Home Sale
A standard quick sale wouldn’t benefit the sellers in this case the way it would help those with significant home equity. The Burbas needed to join our Equity Protection Program to reap the full benefits of our as-is sale. This involved:
- Applying for the program and providing basic information about the home
- Reviewing the mortgage terms, including the current balance and interest rate
- Signing disclosure forms to officially accept the offer
- Closing the sale
This program keeps the mortgage in the seller’s name but the buyers assume all of the responsibility for payment. When the house sells again, the Burbas could receive cash for their home and officially clear themselves from the mortgage.
My Tennessee Home Solution Guarantees Seller Satisfaction
Selling their house without home equity protection would be a massive challenge for the Burbas. By partnering with My Tennessee Home Solution, they were able to move on from their costly property without issue. That’s why choosing a home-buying company like My Tennessee Home Solution is the best option for sellers throughout Greenbriar and the surrounding areas.
For more information about our buying process and the Equity Protection Program, call (615) 933-5431 today.
