If you’ve been caught in the frustrating loop of saying, “I can’t sell my house in Tallahassee,” you’re not alone. Trying to sell your property without receiving any offers – or any attractive offers for that matter – can be disheartening. Nonetheless, there are alternative options for you to consider.
Lowering the asking price is often the first strategy homeowners attempt. While everyone wants to sell their house for a profit, external factors like low comparable sales, economic distress, or structural/location issues might necessitate a price reduction. If this step hasn’t yielded in better offers, then it’s time to explore additional options.
Here are five alternative strategies to consider when you find yourself saying, “I can’t sell my house in Tallahassee”:
1) Take It Off the Market
Timing is crucial in the real estate market. If your property is struggling to stand out due to market saturation, seasonal factors, or holiday periods, consider taking it off the market temporarily. This strategic move allows you to reevaluate market conditions and relist when the timing is more favorable.
2) Take Out a Second Mortgage
If you’ve accrued substantial equity in your home, taking out a home equity loan can be a viable option. This provides additional funds for addressing structural problems that may be holding back better offers, such as fixing major systems (roof, electrical, plumbing, HVAC etc). Alternatively, explore loan modification plans with your lender or convert an adjustable rate mortgage to a fixed-rate mortgage for a potentially better interest rate.
3) Rent Out Your Home
Avoiding the burden of dual mortgages while waiting for a buyer can be achieved by renting out your home. Work with a local property management company to set an appropriate market rental price. This is at the very least, close to your monthly mortgage payment (if not exceeding it), allowing you to offset or slightly exceed your costs. This option requires ongoing maintenance and careful management, but can provide financial relief.
4) Consider a Short Sale
If the obstacle is being “upside down” on your mortgage – owing more than the home is worth – a short sale might be the solution. Negotiate with your lender to accept less than the outstanding mortgage amount. Great Key Offers can craft an offer on your house even if you’re underwater on your mortgage, potentially saving you from foreclosure.
However, it’s crucial to acknowledge that short sales can impact your credit, although far less than a foreclosure. While it might disqualify you from immediate mortgage opportunities, the long-term benefits could outweigh this short-term setback.
5) Offer a “Lease to Own” Option
A lease-to-own option can be a strategic move if finding qualified buyers proves challenging. Rent your property to someone with the option to purchase before the lease expires. Collect rent and a lease option fee while giving the tenant time to save for a down payment and improve their credit for a future mortgage.
Additionally, you can incorporate a lease premium into their monthly rent, which can be applied to the down payment later or kept as income if they choose not to exercise their option. If you go this route, it’s best to work with a real estate attorney to craft your lease option agreement.
If you’re interested in learning more about your options for selling your home in Tallahassee, call us at (850) 788-3388 or fill out the form on this page to get more information sent to you right away.