If you’ve found yourself saying, “I can’t sell my house in Eastpoint MI,” this article is for you. Maybe you’ve been trying to sell your Eastpoint house for a while now and haven’t received any offers, don’t panic! You still have a few options at your disposal to help you sell your house for a fair price.
You’ve probably already tried the first one at least once: Lowering the asking price.
Everybody wants to sell their house for more than they paid for it but if housing prices in your area are low, the economy’s not doing well, or your home has some sort of structural or locational problem, you may have to reduce your asking price.
What are my options if I can’t sell my house in Eastpoint?
Here are five other things you can try when you can’t sell your house in Eastpoint:
1) Take It Off the Market
You may be trying to sell your home at a bad time, such was when there are a lot of other houses just like yours on the market, during the winter months, or during the holidays.
If this is the case, you might be best served by taking your home off the market for a few months – if you can afford to keep paying the mortgage – and wait until market conditions improve.
2) Take Out a Second Mortgage
If you have built up equity in your home, you may be able to take out a second mortgage. This loan can be used for a variety of purposes, including investing in other real estates. However, if you cannot afford the higher monthly payments that come with a second mortgage, you may want to explore other options, such as renegotiating your loan modification plan or converting your adjustable-rate mortgage into a fixed-rate mortgage. Remember that it is important to consult with an experienced real estate professional before making any decisions about your home equity loan.
3) Rent Out Your Home
If you can’t sell your home and don’t want to hold two mortgages (your old home and your new home), one option may be to rent out your home at or near the price of your monthly mortgage payment. That allows you to apply the rent to your mortgage without having to incur any additional expense – other than upkeep, maintenance, and repairs.
Of course, renting out your home comes with some risks. You’ll need to find a qualified tenant, which can be difficult in today’s market. And you’ll also need to make sure you’re charging enough rent to cover all of your expenses, including property taxes, insurance, and repairs.
4) Consider a Short Sale
“I can’t sell my house in Eastpoint because I owe too much!” This can happen if you purchased your home within the past few years and currently owe more than the home is worth (called being upside down).
In some instances, you can negotiate with your lender to accept less than what you owe on your mortgage. If it looks like the other option is foreclosure, your lender probably will accept a short sale.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at (586) 480-1541 for a no-hassle offer on your house.
Keep in mind, however, that short sales can affect your credit. Redeeming a pre-foreclosure on your credit history might disqualify you from getting another mortgage, at least for a little while.
5) Offer a “Lease to Own” Option
A lease to own option is when you rent your house to somebody with the option to purchase your home at or before the lease expires. This is a good option if you can’t find qualified buyers because you can collect rent plus a lease option fee from a tenant while giving them time to save up for a down payment and establish their credit so they can get a mortgage to buy your home down the line.
You also can add a lease premium to their monthly rent that can either be applied to the down payment later or – if they don’t end up exercising their option to buy your home – you can keep it as income.
I Can’t Sell My House in Eastpoint MI!
If you are interested in learning more your options for selling your home in Eastpoint MI, call us at (586) 480-1541 or fill out the form on this page to get more information sent to you right away.