Is Your Home is Not Selling? Here is What You Can Do
Selling a property in today’s competitive market is nothing less than a gamble. You may either sell it in a week’s time or end up waiting for a year to clinch the deal. You may get the asking price instantly or might need to wait for several rounds of counter-offers to actually reach an agreement. But what if your home is not selling?
So if there is not even a single interested buyer or if you’ve already spent a lot of money on home advertising, it’s time to plan something new.
So what options do you have than selling your house? What’s the plan when it’s quite obvious that your house is not going to sell? Or what to do with a house, no one is interested in?
Well, you can go with any of the following options if your home is not selling!
Go For a Short Sale
In case you purchased your house before a major market downturn and ever since, the market has tanked, you may owe a lot more than the house is worth. In this case, an experienced real estate agent can help to negotiate with the lender while persuading him/her to accept less than the mortgage balance.
If you choose to go with the short sale, consider the following factors;
- Always discuss all the ramifications with a reputed real estate lawyer. This will help in understanding the consequences. Also, not every seller is qualified for a short sale just like not every lender accepts a short sale.
- Remember that short sale may affect the credit. Also redeeming a pre-foreclosure on the record may prevent you from the purchase of another home.
Offer Your House on a Lease Option
You can always discuss a lease option purchase vs. upfront sale with your real estate agent. This option works great for people who, for many reasons, may not be able to purchase a house by means of conventional financing. But make sure that your real estate lawyer thoroughly reviews all of your documents before you go with a lease option.
Rent Your House
If you have no other choice then it’s better to rent out your house. There are many reasons to choose this option including family-related matters or job promotion. Maybe it’s time to relocate to a new place, leaving your existing house behind.
This will also help you in covering the mortgage payments of your new house. However, don’t forget; not every homeowner’s insurance covers a vacant home for more than thirty days. Thus, first talk to your insurance agent for the change of policy; for instance; you can opt for only insuring the property structure and not its contents.
Postpone the Sale
Another option is to postpone the house sale. In case it is a buyers’ market, it’s better to take your house off the market and simply wait for the inventory to drop. So by the time, buyers’ get fewer options to choose from, your house may snap up!