If you are like many recently saying, “I can’t sell my house in Winston Salem NC,” then I wrote this article for you based on a question I get asked a lot. Maybe you’ve been trying to sell your Winston Salem 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.
Maybe you’ve already done what most do first and that is: Lowering the asking price.
If we are selling we all want to sell our house for more than we 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 come down a bit on your asking price..
What options do I have if I can’t sell my house in Winston Salem?
Here are five other things you can try when you can’t sell your house in Winston Salem:
1) Remove it off the Market
It may just be a bad time, like when there are a lot of other houses just like yours on the market, during the cold months, or during holidays when people aren’t focused on buying a house.
In any of the cases above, it may be best to just take 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 another Mortgage (second)
Some homeowners have built a lot of equity in their home and may want to take out a home equity loan — assuming they can afford to pay the higher monthly payment, that is. If not, you may be able to renegotiate a loan modification plan with your lender or convert your adjustable rate mortgage into a fixed-rate mortgage that has a lower interest rate. The loan can be used to fund other things, including real estate investments.
3) Put Your Home Up For Rent
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.
4) Consider a Short Sale
“I can’t sell my house in Winston Salem 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 (336) 515-6006 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 Winston Salem NC!
If you are interested in learning more your options for selling your home in Winston Salem NC, call us at (336) 515-6006 or fill out the form on this page to get more information sent to you right away.