If you have ever found yourself saying or thinking, “I can’t sell my house in Springfield OH,” this blog post is made for you. Maybe you’ve been trying to sell your Springfield house for a while now and haven’t received any offers (or at least any worthwhile offers), don’t freak out just yet! There are still some potential options that you can rely on that can help you sell your house at a fair price.
Option 1 is one that you have likely tried or at least considered trying before: Lowering the asking price of the home.
Just about every person would like to sell their home for more money than what they originally paid for it and perhaps what they put into it over the years. But if home prices in your area are too low, or the economy is struggling, or perhaps your house has structural or locational problems, you may have to end up bringing your asking price down to what other people are willing to pay.
What are my options if I can’t sell my house in Springfield?
Below are 5 options we suggest you consider trying when you can’t sell your house in Springfield:
1) Take It Off the Market
It is possible that now is simply not the best time for you to be selling your home. Maybe there are too many houses like yours on the market. Or perhaps it is the slower winter season or around the holidays when people are not as active looking for houses.
If this is the case, it may be better to hold off on selling until market conditions improve or it is a better time of year to sell.
2) Take Out a Second Mortgage
This option is true if you have a good amount of equity in your house. If this is the case, you might be able to get a home equity loan on your house. If you can afford to pay the higher monthly payment, that is, since you may find with higher interest rates that your loan payment goes up. 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 proves too difficult and you also don’t want to pay two mortgages at the same time you might be able to rent your home to a tenant to cover the first mortgage and maybe even make a little bit of extra money. That allows you to apply the rent to your mortgage without having to incur any additional expense – other than upkeep, maintenance and repairs and other typical expenses that go along with owning any house.
4) Consider a Short Sale
“I can’t sell my house in Springfield because I owe too much!” This can happen if you purchased your home within the past few years and owe more than the house could sell for on the market today (this can happen during hot real estate markets like we’ve seen over the past few years)
In some cases, you might be able to work with your mortgage lender to accept less than what you actually owe on your home. If it looks like the other option is foreclosure, it is possible your mortgage holder will take less than what the loan is.
Importantly with this option, you’ll need to have a buyer lined up who can close quickly on the house That’s where we come in!! Give us a call today at 937-504-9194 for a no-obligation, easy offer on your house.
It is important to be aware, though, that short sales can affect your credit. Redeeming a pre-foreclosure on your credit history might disqualify you from getting another mortgage for some period of time.
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 premium to the monthly rent that can either be applied to the down payment if the person decides to buy it or if they choose not to buy the home, it is extra income for yourself!
I Can’t Sell My House in Springfield OH!
If you are interested in learning more your options for selling your home in Springfield OH, call us at 937-504-9194 or fill out the form on this page to get more information sent to you right away.