I Can’t Sell My House In Cincinnati or NKY
If you’ve found yourself saying, “I can’t sell my house in Cincinnati or NKY,” this article is for you. Maybe you’ve been trying to sell your Cincinnati 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. More than likely in today’s market, it is the condition of your house that is not stacking up to other homes. When you get feedback from showings that talks about the condition, just translate that into … the price is too high.
What are my options if I can’t sell my house in Cincinnati?
Here are five other things you can try when you can’t sell your house in Cincinnati:
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.
If this is the case, you might be best served by taking your home off the market for a few months. If the market is just no good, try it at another time. This is of course assuming you can afford the mortgage right now.
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.
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. You can rent it out to a long term tenant, or you could try a crowd sharing rental platform like airbnb.com or vrbo.com.
When my first son was born, we rented out our house on vrbo.com to help pay the bills. Yes, there was some inconvenience, but the extra income was incredibly helpful for our family at the time.
4) Consider a Short Sale
“I can’t sell my house in Cincinnati 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.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at (859) 412-1940 for a no-hassle offer on your house. We buy houses in Cincinnati and NKY, and we can make you a fair offer.
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.
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.
With a lease to own option, you can also add a down payment that may come to you if the renter doesn’t purchase the home. This gives the renter incentive to move forward with the purchase and limits your risk if they decide to move on.
I Can’t Sell My House in Cincinnati or NKY!
If you are interested in learning more your options for selling your home in Cincinnati OH and Northern Kentucky, call us at (859) 412-1940 or fill out the form on this page to get more information sent to you right away.