Selling a home is not an easy task. You may be wondering whether or not you have the ability to sell your house on your own. Maybe you’ve been trying to sell you home for a while, but are having a tough time receiving offers. Don’t be discouraged! There are definitely options out there for you. Everyone who sells their home wants to get more than what they paid for the home. However, housing prices in your area may not be in the best place even though houses in a neighboring city might be selling at sky high prices. Maybe the local economy is not doing well or your home is in need of some repairs. It doesn’t matter to us. We buy houses in Omaha regardless of condition. Call us now at (402) 578-4003, or read on to learn about some other options for what to do with your house.
Postpone Selling
Firstly, you could always decide to take the house off the market entirely. You may be selling your home in a bad time for the housing market. There may be many other houses for sale in your local area that are very similar to your own, but are more updated. Maybe the winter months or holiday season isn’t the best time to sell in your area. If any of these are happening to you, you may want to consider taking the home off of the market for a short time. If you can afford to pay for your home for a few months you can choose to wait for the market to improve (we buy houses in Omaha during any time of year and regardless of market conditions).
Home Equity Loans
If you have a lot of equity in your home, you can also choose to take out a home equity loan. This does come at the cost of a higher monthly payment however so proceed carefully. If you cannot afford a higher payment, you may want to consider trying to renegotiate with your lender for a loan modification plan. You can also see if you can convert your adjustable rate mortgage into a fixed-rate mortgage with a lower interest rate. The loan can also be used to fund other options to help, such as a real estate investment opportunity.
Rent Out Your Home
Another option is to attempt to rent out your home. You may not want to sell the home but the thought of holding onto two mortgages for your existing home and a newer home may be too much to bear. You can also look into renting your existing home for a price near to the current cost of your current mortgage. This option can lead to additional expenses such as upkeep and repairs however. We also buy houses in Omaha from landlords that get tired of tenets, so should you decide to sell your house after renting it out for a while, we buy those types of properties all the time!
Use a Short Sale
You can also see if the option for a Short Sale is available to you. If you feel like you can’t sell the home because you owe too much on the property then a Short Sale may be correct for you. This can happen if you’ve recently purchased the home and currently owe more than the home is worth. For some, you can see if negotiating with your lender for a Short Sale for the Lender to take less than the home is worth. If you are nearing foreclosure, your Lender will likely accept a Short Sale option. You will need to look for a buyer who is capable of closing the sale quickly. Keep in mind, Short Sales can affect your credit in the long run. Redeeming a pre-foreclosure on your credit history can disqualify you from getting another mortgage for a little while.
Lease to Own
Lastly, another option you may not know that you have is to offer “Lease to Own” on the home. A lease to own option is renting your home to someone with the option to eventually purchase your home whenever the lease expires, or even before it expires. This is an excellent option if you can’t find qualified buyers because it allows you to collect rent plus a lease option fee while your tenant has time to save up for a down payment. It also allows your renter to build their credit to make it easier for them to qualify for a mortgage to buy your home down the line. You even have the option to add a lease premium to the monthly rent. This can be applied to the down payment later or you can keep it as income if the renter chooses to ultimately not buy the property.