If you’ve found yourself saying, “I can’t sell my house in Front Royal VA,” this article is for you. Maybe you’ve been trying to sell your Front Royal 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.
While the common desire for homeowners is to sell their property at a higher price than what they initially paid, circumstances such as depressed housing prices in the locality, economic downturns, or structural and locational challenges with the property may necessitate a reduction in the asking price.
What are my options if I can’t sell my house in Front Royal?
Consider exploring the following five alternative strategies if you encounter difficulty selling your house in Front Royal:
1) Take It Off the Market
If you find yourself attempting to sell your home during unfavorable circumstances, such as when the market is saturated with similar properties, during the winter season, or amidst holiday periods, it may be prudent to consider temporarily withdrawing your home from the market for a few months, provided you have the financial means to continue covering the mortgage payments. Waiting until market conditions become more favorable could yield better results in terms of selling your property.
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
In the event that you encounter difficulty in selling your home and aim to circumvent the challenge of handling two mortgage payments (for both your old and new residences), an alternative strategy might involve renting out your property at a rental rate approximating your monthly mortgage payment. This approach allows you to offset your mortgage obligation using the rental income, alleviating the need for additional financial burden, aside from regular expenses related to maintenance, upkeep, and repairs.
4) Consider a Short Sale
In the situation where you’re unable to sell your house in Front Royal due to an excess of mortgage debt, commonly referred to as being “upside down” on the loan, which typically occurs when the property was acquired in the recent past and its current value is lower than the outstanding balance. Negotiating with the lender to agree to a reduced payoff amount, known as a short sale, might be an option worth exploring, especially if foreclosure appears to be the alternative.
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 (540) 212-4047 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.
5) Offer a “Lease to Own” Option
The lease-to-own option involves leasing your property to an individual with the provision to potentially purchase your residence either at or before the lease agreement expires. This approach proves beneficial when facing challenges in finding qualified buyers, as it allows you to collect rent along with a lease option fee from a tenant. Simultaneously, it provides them with the opportunity to save for a down payment and improve their creditworthiness, thus enhancing their prospects of obtaining a mortgage to acquire your home in the future.
Moreover, you have the flexibility to include a lease premium in their monthly rent, which can be designated for the down payment in the future. Alternatively, if they choose not to exercise their option to purchase your home, you can retain the premium as additional income.
I Can’t Sell My House in Front Royal VA!
If you are interested in learning more your options for selling your home in Front Royal VA, call us at (540) 212-4047 or fill out the form on this page to get more information sent to you right away.