It can be stressful and overwhelming if you’re in the position of selling your home, especially if you don’t have any potential buyers. You´ve taken the time and maybe even spent money to put your home on the market in the hopes of receiving some offers. However, you haven’t had a breakthrough yet. Well, fortunately for you, there are other alternatives to sell your home. Let’s review some other options that you may have not considered.
You may be anxious and desire to sell your home right away but sometimes you do more by not doing anything. In other words, wait and be patient. There’s always a possibility to sell your property in any market but you may have better luck during certain times of the year or when a sellers market occurs that would give you the advantage. After all, what’s the rush if you can get a great deal by simply waiting for the perfect time? Instead of fighting against the current, accept what it is and go with the flow – wait for that opportunity to come! Maybe right now at the moment is not the time to dive into it. Stop and think about the challenges you are facing and if you can’t find a solution, maybe it’s not your time to sell. As a matter of fact, you will most likely receive more offers during spring time as opposed to winter time, during the season of holidays when buyers are looking for a good deal or in a low market. So wait to sell your home.
Another idea to think about if selling your home is becoming an issue and you are experiencing financial hardship is to find renters. Having reliable, trustworthy people to rent your property will help you pay your mortgage and take a load off of your shoulders until you find a better selling solution. However, keep in mind that if you decide to take this route, you will be a landlord or property manager which means you will have to fulfill certain responsibilities such as ensuring you receive the monthly payment installments, keeping up with maintenance and repairs, and responding to tenants´ requests. For this reason, make sure you have the necessary experience and time to manage the property correctly. You can also hire a professional property manager with the right set of skills to do the work for you.
Rent to own is also another option. This can actually be a win-win situation for both you as the seller/landlord and for renters/buyers. You can find potential homebuyers who would start off as renters but with either the intention to eventually buy your home or at least with the possibility to buy it. They would rent your home at a higher cost than what it would be if they were to be just renters and later on, buy the property for a fixed price. In addition, the renter or owner-to-be will probably accept the responsibility of maintenance and repairs of the property knowing that his long-term goal is to buy the house and therefore, would definitely like to invest in his future home. Nevertheless, if the renter doesn’t end up buying your home, for whatever reason, most likely he has maintained your property in the best physical conditions.
In the position of the renter or future homeowner, rent to own a home would be a great option if he hasn’t been able to get a traditional mortgage loan. Even though he would initially take the property as a renter, the investment would be worth it since down the road, he would fulfill his dream and become the actual homeowner. And the best part about taking this course of action would be that the renter would be able to live in his dream home as he´s building up equity on a house that will in time be his.
The fourth alternative to help you sell your home would be to turn to real estate professionals such as real estate agents or professional home buyers. Instead of struggling within the real estate industry and trying to handle a business that isn’t within your reach due to lack of experience, invest your time and money on finding a suitable real estate expert who knows the industry, who would be a good fit for you and who would understand your specific needs. When looking for a real estate professional, make sure you hire an individual or company that has an upholding reputation, real estate background and a firm grasp of your needs.
In particular, Professional Home Buyers do it all – they provide real estate services to both sellers and buyers in need of alternative services that most companies do not offer. So if you need to sell your home quickly and you are running out of options, you can find a professional home buyer to purchase your home as-is with a fast closing turnaround and cash offer.
The next option may help you as a short-term solution but you should think it over thoroughly before making this kind of decision: consider opting for another mortgage. However, discuss your options with a financial advisor to see if this would work for you and your financial situation. A home equity loan or refinancing your mortgage to receive a better rate are a couple of financing options to look at.
If you are still having a hard time selling your home and find yourself stuck between a rock and a hard place, there are two other alternatives to think about but do the proper research before making any haste decisions. They are making a short sale or a fire sale.
Let’s first take a look at what a short sale is. A short sale is when a homeowner sells his home for less than the amount owed on his mortgage. It’s a short sale because the homeowner is “short” in cash to pay off his mortgage. However, you would have to see if you are qualified for a short sale in the eyes of the bank or lender and if they would accept this. In today’s society, short sales are not as common as they used to be; however, this may be a good option for you if you don’t have any other traditional ways to sell your home and if your bank/lender approves of the short sale offer.
Even though this wouldn’t be ideal, you can also make a fire sale which is selling your home for less than the market value. Of course this would be one of the last options to pick from. Even though you wouldn’t want to sell your property for less than the market value, there are a selection of buyers who are always looking for good deals.
The last option would only apply to those who are relocating from one company location to another. If your company wants you to relocate, you may be offered a guaranteed purchase program. This is a package of benefits for your relocation including compensation, sick days, vacation days and other bonuses. There are even companies that will agree to buy your property or pay real estate agents to sell your home and handle all related tasks. Even though many companies are no longer offering home buyouts, it would be a good idea to ask what they would offer to relocate for work and to take advantage of these opportunities.
No matter what reason you have to sell your home, whether it’s to buy another home, to relocate for work or due to a financial setback, explore different alternatives before ultimately making your choice. Remember that there are a variety of options to consider so take the time to find out which one would suit you best. And when in doubt, hire a real estate professional to help you through the process.
Pro Home Buyers is dedicated to help you with all of your real estate needs. We buy houses and sell homes fast. Visit our website at www.ProHomeBuyer.com and read about the alternative services we offer on how to sell your house fast or how we may be able to buy your home.