Many Houston homeowners find themselves asking, “why can’t I sell my house in Houston TX,” if you have asked yourself that question, this article is for you.
Chances are you have been trying to sell your Houston house for quite some time and haven’t received any offers, don’t panic! many homeowners face this situation, you are not alone.
There are still a few options at your disposal to help you sell your house for a fair price in Houston TX.
You’ve probably already tried the first one at least once: Lowering the asking price.
The main problem happens when a home sits on the market and the asking price is lowered. The house is seen as undesirable and something must be wrong with it.
Subsequently, the homeowner gets mostly low ball offers, buyers looking for a deal.
Why else would the house sit on the market? That’s what potential buyers are asking themselves.
Homeowners want to sell their house for more than they paid for it. Most people who buy homes view it as an investment and want a return.
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.
So, what are my options if I can’t sell my house in Houston?
Here are five other things you can try when you can’t sell your house in Houston:
1) Take the Home Off the Market
You might be attempting to sell your home at a bad time, such as when there are a lot of other houses like yours on the market, or during the slow season.
If this is the case, you might be best served by taking your home off the market for a few months. But only do this if you are able to maintain paying the mortgage.
Your other option is to wait until the market conditions improve then put your home back on the market.
2) Use 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.
Then the loan can be used to fund other things, including real estate investments.
3) Rent Your Home
A great option is to rent your home. If you can’t sell your home and don’t want to have two mortgages (your old home and your new home) one option may be to rent your home at or near the price of your monthly mortgage payment.
This allows you to apply the rent to your new mortgage without having to incur any additional expenses.
keep in mind that as a landlord you will be responsible for the repairs and maintenance for the rental unit.
4) Consider a Short Sale
“I can’t sell my house in Houston 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 the other option is foreclosure, your lender probably will accept a short sale.
Note: The foreclosure process is expensive for lenders and they will try to avoid having to do it.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, Sell Your Homes Houston can be your buyer! Give us a call today at 832-535-2034 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.
If you would like to know more about the differences between a short sale and a foreclosure read this article.
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 expiration.
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 lease premium to their monthly rent that can either be applied to the down payment later or – if they don’t end up exercising their option to buy your home – you can keep it as income.
Conclusion
If you are having issues selling your home in Houston TX this article has 5 great options you haven’t thought about.
Not only will you be able to save your home from going through foreclosure. These options can help you generate income.
IF YOU CAN’T SELL YOUR HOME IN HOUSTON, WOULDN’T YOU LIKE TO GENERATE INCOME?
I Can’t Sell My House in Houston TX!
If you are interested in learning more your options for selling your home in Houston TX, call us at 832-535-2034 or fill out the form on this page to get more information sent to you right away.