If you’ve found yourself saying, “I can’t sell my house in South Texas area TX,” this article is for you. Maybe you’ve been trying to sell your South Texas area 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 South Texas area?
Here are five other things you can try when you can’t sell your house in South Texas area:
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. Many times it can be timing. In the past you may have been competing with either lots of houses being on the market or maybe the inventory being in better condition or a better price than yours. Once that inventory has sold it is possible you will have less competitive when you put your house back on the market.
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 a lot of equity in 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. That loan may give you some breathing room or allow you to update items in the house that will make it sell faster. But do NOT do any updating without discussing with a trusted advisor such as a real estate agent. But before you decide upon this make sure you are financially capable of doing this. And also be aware when you sell you will have less cash to use at that time as you have gotten it now.
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. This also allows you to claim tax deductions for the rental property,
4) Consider a Short Sale
“I can’t sell my house in South Texas area 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. When you sell on the retail market as a short sale, it is a joke in the real estate industry that it is not a short sale; it is long sale. It is called a short sale because the lender is taking less than you owe on the mortgage so the lender will be “short” on their proceeds. Because of that the lender is very slow on the process. They want to make sure THEY are getting the most they can sell the house for on the open market. So there is lots of red tape.
To avoid this lengthy retail sale, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at 830 444-0103 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. But it is still a smaller hit than a foreclosure on your credit.
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. While this is a good option in some states, it is not a good option in TX. In Texas there is a time frame that is very short for “lease to own”. What is viable in Texas if you can’t find qualified buyers is an owner finance or what is called seller financing because you collect the payment and pay your payment giving them time to establish their credit so they can get a mortgage to buy your home at a specified time.
This works for you as the seller and them as the buyer. They get the deed but you hold the note while they own the property and are responsible for its upkeep. And if for some reason the buyer default on their loan to you, you have the right to foreclose on the property.
I Can’t Sell My House in South Texas area Tx!
If you are interested in learning more your options for selling your home in South Texas area TX, call us at 830 444-0103 or fill out the form on this page to get more information sent to you right away.