Have you done everything to make that sale but for some reason it's just not happening? How much have you spent on ads already? How many times did you make a price reduction? Your agent may even now have an expired listing.
If you have come as far as burying a St. John's statue in your yard and still didn't get any offer, you might need to change route. Here are 5 alternatives when your home won't sell according to About Home:
Postpone home selling
Maybe it's just not the right time to sell. A buyer's market may not be the perfect time for you to put your property out there; so wait for the inventory to drop and when there's fewer homes buyers can choose from, there is greater chance for your property to get snagged.
Rent your home
If you have a deadline for your move and still have not made the sale, renting your home can be a reasonable option. Even if the rent won't fully cover your mortgage payment, it's better than forking thousands of dollars for a vacant house.
Consider a short sale
With a short sale, you would probably owe more than your home's worth if your home was purchased within the past few years. Ask your agent to help negotiate with your lender and accept less than your mortgage balance. But you need to know that not every seller qualifies for a short sale, and not every lender will accept a short sale. Short sales could affect credit and may prevent you from buying a home for a while, and you may owe the IRS taxes on a short sale.
Offer your home on a lease option
You can also do a lease option instead of an outright sale. Some borrowers may not be in a position to purchase a home through conventional financing and find lease option more appealing. Or, others are just undecided on whether to buy or rent. Have your lawyer take care of all the documents before agreeing.
* This is a contributed article and this content does not necessarily represent the views of realtytoday.com
