If you are currently thinking, “I cannot sell my house in Southwest Michigan, MI,” this article is designed to assist you. Perhaps you’ve been attempting to sell your Southwest Michigan property for an extended period without receiving any viable offers. However, you need not worry, as there are still a few available alternatives to help you sell your house for an equitable price.
Chances are, you’ve already attempted the first option at least once: Lowering the asking price.
While it is natural to desire a profit on your home sale, housing prices in your area may be low, the economy may not be thriving, or your home may have structural or location issues. As a result, you may need to decrease your asking price to generate buyer interest.
What are my options if I can’t sell my house in Southwest Michigan?
If you are having difficulty selling your house in Southwest Michigan, consider trying the following five options:
1) Take It Off the Market
You may be attempting to sell your home at an unfavorable time, such as when numerous comparable homes are also on the market, during the winter season, or during holiday periods.
In such instances, it may be prudent to withdraw your home from the market for a few months, particularly if you can afford to continue paying your mortgage, and wait until market conditions improve.
2) Take Out a Second Mortgage
If you have accumulated significant equity in your home, you might consider obtaining a home equity loan, assuming you can afford the higher monthly payments. Alternatively, you may be able to renegotiate a loan modification plan with your lender or convert your adjustable-rate mortgage to a fixed-rate mortgage with a lower interest rate. The funds obtained from the loan can be utilized for various purposes, including real estate investments.
3) Rent Out Your Home
If selling your home is not feasible, and you do not want to deal with two mortgage payments (i.e., on your old and new homes), one option is to rent out your property at or near the cost of your monthly mortgage payment. This enables you to use the rent to cover your mortgage payment without incurring any additional expenses, aside from maintenance, repairs, and upkeep.
4) Consider a Short Sale
If you are in a situation where you owe more on your home than its current value, which is known as being upside down, you may find yourself saying, “I can’t sell my house in Southwest Michigan because I owe too much!” This scenario can arise if you acquired your property in the last several years.
If you are upside down on your mortgage, you may be able to negotiate with your lender to accept less than what you owe on your loan. If foreclosure seems like the only option, your lender may agree to a short sale. A short sale involves selling your home for less than what you owe on your mortgage, and the lender agrees to accept the proceeds as full payment of the debt. A short sale can be a better alternative to foreclosure because it may not have as much of a negative impact on your credit score.
To negotiate with your lender for a short sale, you’ll need to have a buyer lined up who can close quickly. If you’re struggling to find one, we can help! Contact us today at (231) 392-3262 for a hassle-free offer on your house. Keep in mind, though, that short sales can have an impact on your credit. It’s possible that redeeming a pre-foreclosure might temporarily disqualify you from getting another mortgage.
5) Offer a “Lease to Own” Option
One option to consider is a lease-to-own arrangement, where you rent your house to a tenant with the option to purchase your home either at or before the lease expires. This can be a good choice if you’re having trouble finding qualified buyers, as you can collect rent and a lease option fee while giving your tenant time to save for a down payment and build up their credit, allowing them to obtain a mortgage to buy your home in the future.
You could also consider adding a lease premium to the monthly rent which can be applied to the down payment later, or if the tenant decides not to exercise their option to buy your home, you could keep it as additional income. This can be a good option for you if you’re unable to find qualified buyers, and it also gives tenants time to save up for a down payment and establish their credit to get a mortgage to buy your home in the future.
I Can’t Sell My House in Southwest Michigan MI!
If you’re looking to explore your options for selling your home in Southwest Michigan, we’re here to help. Just give us a call at (231) 392-3262 or fill out the form on this page to receive more information right away.