While selling a house with an agent can be quite a difficult and time-consuming venture, if you listed your property and have been waiting for many months with no luck, there is usually isn’t a good sign. The average traditional home sale takes between 65 days. As such, if you’re house has spent even longer without so much as a single buyer making you an offer, this usually indicated that you’ve done something wrong.
One of the first things that most people do when they face this situation is to lower their asking price. Everyone has an optimum value that they intend to get out of their home sale. But if housing prices are low in your area, the economy is struggling overall, or your house has structural problems that require repairs, most may be forced to reduce their asking price in order to sell.
However, if you’ve already tried lowering your asking price to no avail, don’t panic! You still have a few options at your disposal that can help you find buyers, appeal to them and get your overall home sale back on track. In this blog, we are going to outline a few options that you can turn if you’d like to boost your sale efforts. So read on to discover how you can optimize your home sale when the chips are down for best results.
Options If I Can’t Sell My House in Fridley MN
Here are the top 5 options to consider if you’re struggling to sell your house in Fridley MN.
1) Take It Off the Market
Your home may not be selling because you’re trying to sell it at a bad time. This is usually the case during the winter months or during the holidays. In between these periods, the real estate seller market is typically flooded, so you will experience a lot more competition than in other months.
If this is the case, it may serve you best to take your home off the market for a few months. For those that can afford to keep paying their mortgages, this would be a great option. It allows them to wait until the market conditions improve.
2) Take Out a Second Mortgage
If you have built up a significant amount of equity in your house, you may consider taking out a home equity loan. However, this option is only open to those who can afford to pay the higher monthly payments. If not, consider the possibility of renegotiating. This could help you acquire a modification on your current loan plan with your lender, or convert your adjustable-rate mortgage into a fixed-rate mortgage that has a lower interest rate. These types of loans can also be used to fund other things, such as real estate investments.
3) Rent Out Your Home
If you are struggling to sell your home, but don’t want to hold two mortgages (your old home and your new home), another option you may have available would be to rent out your older home at or near the price of your monthly mortgage payment. This allows you to pay for your second mortgage with your rent money. It’s also a cheaper method of getting around your mortgage with limited expenses– other than maintenance and repair costs for your tenants.
4) Consider a Short Sale
“I can’t sell my house in Fridley because I owe too much!” This can happen if you purchased your home within the past few years and currently owe more than the house is worth. It’s commonly called being “upside-down”. In some instances, you can negotiate with your lender. If you intend to short sale, they could possibly agree to accept less than what you owe on your mortgage. Their other option would be a foreclosure, which banks typically do not like to do.
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 (612) 351-2384 for a hassle-free fair 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 couple of years.
5) Offer a “Lease to Own” Option
A lease to own option is when you rent your house to somebody. This particular agreement gives your tenant the option to purchase your home at or before the lease expires. This is a good option if you can’t find a qualified buyer quickly. It allows you to 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 that they can take out their own mortgage, in order to purchase your house.
You can also 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 – can be kept as income.
However, if none of the options above work for you, there is one last choice that you could consider. That option is to sell your house to a cash home buyer such as FastPath Home Buyers. Here at FastPath, We Buy Houses for Cash in Fridley, and throughout the greater Minnesota state. Our main goal is to provide a service to our local community by buying up local home sellers houses; we work to ensure that an easier method for our local home sellers to sell their house (without having to deal with the stresses of selling on the open market with an agent) remains available. With FastPath, you get a fair all-cash offer. In addition to this, we’ll accept your house ” as-is” condition ( You won’t have to worry about cleaning or repairs). Contact us now by calling (612) 351-2384 or by filling out the short form below to get an all-cash offer today!