If you’ve found yourself saying, “I can’t sell my property “ this article is for you. Maybe you’ve been trying to sell your property for a while now and haven’t received any offers, don’t panic! You still have a few options at your disposal to help you sell your house for a fair price.
You’ve probably already tried the first one at least once: Lowering the asking price.
Everybody wants to sell their property for more than they paid for it but if housing prices in your area are low, the economy’s not doing well, or your property has some sort of structural or locational problem, you may have to reduce your asking price.
What are my options if I can’t sell my property?
Here are five other things you can try when you can’t sell your property in any Market:
1) Take It Off the Market
You may be trying to sell your property at a bad time, such was when there are a lot of other properties just like yours on the market, during the winter months, or during the holidays.
If this is the case, you might be best served by taking your property off the market for a few months – if you can afford to keep paying the mortgage – and wait until market conditions improve.
2) Take Out a Second Mortgage
If you have built a lot of equity in your home, you may want to take out a home equity loan — if you can afford to pay the higher monthly payment, that is. If not, you may be able to renegotiate a loan modification plan with your lender or convert your adjustable rate mortgage into a fixed-rate mortgage that has a lower interest rate. The loan can be used to fund other things, including real estate investments.
3) Rent Out Your Home
If you can’t sell your home and don’t want to hold two mortgages (your old property and your new property) one option may be to rent out your property at or near the price of your monthly mortgage payment. That allows you to apply the rent to your mortgage without having to incur any additional expense – other than upkeep, maintenance and repairs.
4) Short Sale Option
“I can’t sell my property because I owe too much!” This can happen if you purchased your property within the past few years and currently owe more than the property is worth (called being upside down).
In some instances, you can negotiate with your lender to accept less than what you owe on your mortgage. If it looks like the other option is foreclosure, your lender probably will accept a short sale.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at (877) 544-9192 for a no-hassle offer on your property.
Keep in mind, however, that short sales can affect your credit and can cause Tax Ramifications. Our Rent to Own Option is the Perfect solution for situations just like this one and please talk to us first before entering into a short sale agreement.
Redeeming a pre-foreclosure on your credit history might disqualify you from getting another mortgage.
5) Offer a “Lease to Own/Rent to Own” Option
A lease to own option/Rent to Own is when you rent your property to somebody with the option to purchase your property at or before the lease expires. This is a good option if you can’t find qualified buyers because you can collect rent or have your mortgage paid while giving them time to save up for a down payment and establish their credit so they can get a mortgage to buy your property down the line.
I Can’t Sell My House!
If you are interested in learning more your options for selling your property, give us a call today at (877) 544-9192 or fill out the form on this page to get more information sent to you right away.