If you think that you have done enough - advertising in all media, price reductions, hiring the best agent, or as far as burying a St. Joseph statue - and still hasn't received any offer, then maybe it's time to consider other options.
Here are 5 alternatives when your home won't sell according to About Home:
Postpone home selling
As they say, timing is everything, and that could be especially true with real estate. When putting your home on the market, there are factors that need to be considered, and one of the most crucial factors is the market trend. Are you selling in a buyer's market? Then maybe you want to put that selling to a pause and wait until the inventory turns to your favor.
Take out a new mortgage
Are you selling your home solely for financial needs? If yes, then you might want to consider a home equity loan or a loan modification plan before considering selling your home. You can also do refinancing or getting a second mortgage but make sure to only work with a tax accountant or a real estate lawyer and not just any real estate professional who might just take advantage of your situation.
Rent your home
In some instances, homeowners do not have any choice but relocate to a different area (could be for a job a promotion, family-related issues, etc.) In this case, renting your home is a wise option. Even if the rent won't cover enough of your new mortgage payment, it would still help alleviate the negative cash flow.
Offer your home on a lease option
If an outright sale is not turning out for you, then discuss with your real estate agent and consider doing a lease option. This is especially applicable for those who are not fully qualified to go through conventional financing. It will help with your negative cash flow as it pays you higher than a regular rent payment.
Ask your employer about relocation
Are you moving because of your job? Then maybe you are qualified for a guaranteed purchase program. Have a talk with your employer and check if this option is available for you; more often than not, employers have relocation programs and offers buy outs for their employees.
