When you are struggling
to sell your home after you listed it for sale and believe you've done the best
you can it can affect other parts of your life.
Homeowners ask some real
estate agents why their home isn't selling. Typically, there's many home owners who share common reasons. Sometimes your circumstances requires a specific course of
action.
The following are some of
the better options you can consider doing when your home is getting little interest
from buyers. They may involve
compromise. They may be less than ideal.
1. Put off selling now.
Even though, you believe your home is in a desirable location in California, a more favorable time to sell your home could be the answer. You may be selling in the middle of the holiday season, when buyers are not preparing to move, or your seller's market may have abruptly hit a decline.
Even though, you believe your home is in a desirable location in California, a more favorable time to sell your home could be the answer. You may be selling in the middle of the holiday season, when buyers are not preparing to move, or your seller's market may have abruptly hit a decline.
For example, homes in
Porter Ranch and nearby have a major natural disaster with a methane gas leak.
Some homes in Florida have canals that bring in green algae from the
overflowing Lake Okeechobee in . Once more
buyers are satisfied the area is no longer suffering from the natural threats it
will be a better time to sell. Not only
will homes sell faster, they will fetch for more money for you.
It’s always smart to
speak with a local real estate agent to find out what time of the year is best
for homebuyer demand. Anytime should not be their answer. A good agent knows their details about the
neighborhood.
2. Struggling to Make the Payment; Rent It Out
If your financial situation is immediate due to mortgage payments, consider leasing your home to help your situation. Sometimes even renting out a room or two for six to nine months can strengthen your financial situation. It may not pay the whole mortgage, but it gets you closer, your credit is saved, and you put yourself in a better position to buy your next home.
If your financial situation is immediate due to mortgage payments, consider leasing your home to help your situation. Sometimes even renting out a room or two for six to nine months can strengthen your financial situation. It may not pay the whole mortgage, but it gets you closer, your credit is saved, and you put yourself in a better position to buy your next home.
If you rent out your
entire home decide if will you do it yourself or hire a property manager to
manage it for you. Some of the nicest and qualified tenants on paper can also
become headaches. Establish house rules
and terms of lease termination, including eviction clauses.
3. Sell your home as Rent to own.
Offer your home as a Rent to own or lease option. These are a great way to attract buyers who are not committed to becoming a buyer. Generally, they can rent your home at a price above the normal market rent with an option to buy the home at an agreed upon price.
Offer your home as a Rent to own or lease option. These are a great way to attract buyers who are not committed to becoming a buyer. Generally, they can rent your home at a price above the normal market rent with an option to buy the home at an agreed upon price.
4. Maybe the problem is your real estate agent
Sometimes the issue with your home not being under contract is because of your agent. Some real estate agents are simply better than others. It could be attributed to a lack of experience, they're a part-time agent with other daily obligations, or the agent and seller are just not a good fit.
Sometimes the issue with your home not being under contract is because of your agent. Some real estate agents are simply better than others. It could be attributed to a lack of experience, they're a part-time agent with other daily obligations, or the agent and seller are just not a good fit.
Unfortunately, some real
estate agents put very little extra effort into marketing a home. All they do
is put your home in the multiple listing service, place a sign in the yard and
wait. You signed a contract for them to earn 2.5-5-percent of the sales price
for only that? You might as well pay a
discount broker a 1% MLS listing fee to that and if you're a very good
marketer, then you do those extra duties.
However, a good real estate agent may get you a sales price above asking and get your home sold
seamlessly in 30-45 days.
5. If you are relocating for work, inquire about a
guaranteed purchase program.
If your company needs you to relocate, a guaranteed purchase program may be available. Many major companies in Orange County which require employees to transfer hire relocation companies to handle home sales exclusively.
If your company needs you to relocate, a guaranteed purchase program may be available. Many major companies in Orange County which require employees to transfer hire relocation companies to handle home sales exclusively.
6. Think about a home equity loan for cash.
For homeowners who are selling due to financial challenges, sometimes getting a second mortgage is the way to go when cash is needed quickly. Another financing option is to refinance your first loan with some cash back. Be sure to discuss with a financial adviser that has no interest in the sale of your home before you make a final decision.
For homeowners who are selling due to financial challenges, sometimes getting a second mortgage is the way to go when cash is needed quickly. Another financing option is to refinance your first loan with some cash back. Be sure to discuss with a financial adviser that has no interest in the sale of your home before you make a final decision.
7. Sell Your Home Under Market Value
Slashing the price by a lot can be only option you have when everything else is not working. Nobody wishes to sell their home for less than its worth, but sometimes it is best way to get it off your hands and accomplish your goal.
Slashing the price by a lot can be only option you have when everything else is not working. Nobody wishes to sell their home for less than its worth, but sometimes it is best way to get it off your hands and accomplish your goal.
The other ways to sell it
due to financial issues are a short sale or letting it go to foreclosure which
messes up your credit for years.
