If you’ve found yourself saying, “I can’t sell my house in College Station,” this article is for you. Maybe you’ve been trying to sell your College Station house for a while now, but no luck has come your way. There are still a few options you can try in order to help you sell your house at a fair price.
You’ve probably already tried the first option a few times: Lowering the asking price.
Everyone wants to make reasonable profits by selling their house for more than what they paid for it. In doing so, they pay little to no attention to some important factors, such as the housing prices in their area, the sinking economy, or any structural or locational problems concerning your home. These factors can result in the reduction of your asking price.
What are my options if I can’t sell my house in College Station?
Here is a breakdown of five options you can try when you can’t sell your house in College Station:
1) Take It Off the Market
During the winter months, or during the holidays when there are a lot of other houses just like yours on the market, trying to sell your home might seem impossible. Bad timing is a factor to watch out for.
The best option in this case, is taking your home off the market for a few months – as long as you can keep up with mortgage payments – and wait until market conditions become favorable.
2) Take Out a Second Mortgage
If you have a lot of equity built into your home, you may want to take out a home equity loan — if you 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) Rent Out Your Home
If selling your home seems like a fruitless effort, instead of holding two mortgages (your old home and your new home), the next advisable option may be to rent out your home at or near the price of your monthly mortgage payment. This way, you can apply the rent to your mortgage without having to incur any additional expenses – other than maintenance and repairs.
4) Consider a Short Sale
“I can’t sell my house in College Station because I have too many debts!” This scenario is visible, especially if you purchased your home within the past few years, and its current value is not enough to clear your debts.
Nevertheless, it is possible that your lender accepts less than what you owe. This is called a short sale. In most cases, if it looks like foreclosure is the next option, your lender will probably accept a short sale.
When considering a short sale, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at (979) 431-1663 for a no-hassle offer on your house.
However, you should know 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 option is rather advantageous, because you can collect rent and a lease option fee from a tenant. This also gives them time to save for a down payment and establish their credit so they can get a mortgage to buy your home down the line.
A lease premium can also be added to their monthly rent that can either be applied to the down payment later or – if they end up changing their minds about buying your home – you can keep it as income.
I Can’t Sell My House in College Station, TX!
Don’t hesitate to call us at (979) 431-1663, If you are interested in learning more your options for selling your home in College Station, TX, or you can equally fill out the form on this page to get more information sent to you right away.