This post is for you if you’ve found yourself stating, “I can’t sell my house in [market city] [market state].” Don’t be discouraged if you’ve been attempting to sell your [market city] home for a while and haven’t received any offers. You still have a few options to assist you sell your home for a reasonable price.
You’ve probably tried the first one: lowering the asking price at least once.
Everyone wants to sell their home for more money than they paid for it, but if property prices in your area are low, the economy is struggling, or your home has a structural or locational issue, you may have to lower your asking price.
What are my options if I can’t sell my house in Cleveland?
When you can’t sell your house in [market city], consider these five options:
1) Take It Off the Market
You may be attempting to sell your home at an inopportune time, such as when there are many other homes on the market that are similar to yours, during the winter months, or over the holidays
If this is the case, you could be better off keeping your house off the market for a few months – assuming you can manage to pay your mortgage – and waiting for market circumstances to improve.
2) Take Out a Second Mortgage
If you have a lot of equity in your house, you might consider getting a home equity loan – assuming you can afford the increased monthly payment. If not, you might be able to renegotiate a loan modification with your lender or convert your adjustable-rate mortgage to a fixed-rate mortgage with a reduced interest rate. Other things, such as real estate investments, can be funded with the loan.
3) Rent Out Your Home
If you can’t sell your house and don’t want to have two mortgages (one for your old house and one for your new one), renting it out at or near the monthly mortgage payment may be a possibility. Other than upkeep, maintenance, and repairs, you can apply the rent to your mortgage without incurring any additional costs.
4) Consider a Short Sale
“I can’t sell my [market city] home because I owe too much money!” If you bought your home within the last several years and owe more on it than it is worth, this could happen (called being upside down).
You might be able to work out a deal with your lender to accept a lower mortgage payment. If foreclosure appears to be the only alternative choice, your lender is likely to agree to a short sale.
You’ll need a quick-closing buyer on board to accomplish this. Thankfully, we can! Call (440) 291-5361 today for a no-obligation offer for your home.
However, be in mind that short sales might harm your credit. Restoring a pre-foreclosure on your credit report may prevent you from obtaining another mortgage, at least temporarily.
5) Offer a “Lease to Own” Option
When you rent your home to someone with the option to buy it at or before the lease expires, this is known as a lease to own option. If you can’t locate eligible purchasers, this is an excellent alternative since you may earn rent plus a lease option fee from a tenant while allowing them time to save for a down payment and develop credit so they can get a mortgage to buy your house later.
You can also add a lease premium to their monthly rent that can be put to the down payment later or kept as income if they don’t exercise their option to buy your house.
I Can’t Sell My House in Cleveland Ohio!
If you’d like to learn more about your possibilities for selling your property in [market city] [market state], give us a call at (440) 291-5361 or fill out the form on this page to receive more information right away.