Are you thinking, “I can’t sell my house in San Antonio Texas.” If so, then keep reading. If you haven’t received any offers and have been trying to sell your San Antonio house for a while now, don’t panic! You still have a few options at your disposal to help you sell your house for a fair price.
It’s likely you have already tried the obvious: Lowering the asking price.
Ideally, you will sell your house for more than what you paid for it. But if housing prices are low, the economy is in a downturn, or if your house has a major problem, then you may have to reduce your asking price.
What are my options if I can’t sell my house in San Antonio?
Here are five other things you can try when you can’t sell your house in San Antonio:
1) Take It Off the Market
Perhaps you listed your house for sale at a less than optimal time, such as during a holiday season, during winter months or when there are a lot of houses like your’s for sale.
If you can afford to keep paying the mortgage, it may be worth it to try to take your property off the market for a few months and then re-list it once market conditions improve.
2) Take Out a Second Mortgage
You may want to consider taking out a home equity loan if you have built a lot of equity in your home. Be sure to only do this if you can afford the higher monthly payments. If not, try to renegotiate a loan modification plan with your lender or even convert your adjustable rate mortgage into a fixed-rate mortgage with a lower interest rate. The loan can be used to fund other things, including real estate investments.
3) Rent Out Your Home
If you can’t sell your house and you find yourself paying two mortgages, you could consider renting your house in order to pay for most of if not all of your mortgage. It’s possible that your house is in a great rental market and you may find that renting it out is profitable. That allows you to apply the rent to your mortgage without having to incur any additional expense – other than upkeep, maintenance and repairs.
4) Consider a Short Sale
“I can’t sell my house in San Antonio because I owe too much!” You may find yourself in this situation if you owe more that what the home is worth because you purchased the home within the last few years. This is called being upside down!
You may be able to work with your lender so that they will accept less than what you owe on your mortgage. Your lender will likely accept a short sale if it appears as though the other option is foreclosure.
Be aware that a short sale can affect your credit score. 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
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 expires. If you are unable to find qualified buyers, then then a Lease to own option may be a good way to go. This strategy allows your to collect rent plus a lease option fee from your tenant. This option period gives them the opportunity to save up for a downpayment and build up their credit score so they can get a mortgage to buy your home down the line.
A lease premium can also be added to their monthly rent to be applied to the down payment later or to your bank account if they don’t end up exercising their option to buy your home.
I Can’t Sell My House in San Antonio Texas!
If you are interested in learning more your options for selling your home in San Antonio Texas, call us at (210) 920-5280 or fill out the form on this page to get more information sent to you right away.~