Your Options When You Cannot Sell Your House

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You listed your home months ago with a real estate agency and still do not have a buyer for the property. What a frustrating event this can be, but you should not lose hope. There are a variety of options you could pursue in this situation, and here are three of them.

Take a Loss With the Deal

Have you figured out why no one is interested in buying your house? For many homeowners, it is the price that is the hindering factor. If you feel like there is a chance that your house is not worth the amount you are asking for it, a good step would be to reduce the price. If lowering the price means taking a loss on the deal, you might have to cave in and do it anyway. Losing money on the house is not a fantastic outcome, but it happens.

If you have the chance, you should call your lender about it. Lenders will sometimes agree to wipe out the deficit if a homeowner needs to sell for a price lower than the balance owed. A deal like this is called a short sale, and it is worthwhile to evaluate if you need to sell your house.

Sell It Through Owner Financing

If you are willing to keep the loan in your name, there is another option to consider. Selling a house through owner financing is a great alternative way to sell a home, but it will require keeping the loan on the home. There are plenty of people who want to buy homes right now but cannot get loans to do so. If you can find a person like this, he or she might be willing to choose your home if you agree to offer to finance it to him or her.

Keep It and Rent It Out

The other option to consider is keeping the house and renting it to someone who needs a rental property. This option also requires keeping the loan on the property, but it also offers a stream of income. You would need to make sure you could cover the mortgage payment and expenses with the rent you charge before you decide to use this method.

If you need to sell, maybe it is time to adjust the price on the home or make some improvements to it. To find out more options, talk to a real estate agent in your town.