If you are having difficulty selling your house in Philadelphia, you are sure to find this article useful. Perhaps you’ve had your property on the market for several weeks and have yet to receive a single offer. Don’t panic! There are still many options available to you that will allow you to sell your home at or above its market value.
Likely, you have already tried reducing the asking price.
While it’s always a rush when you can sell a property for more than you originally bought it for, you need to be realistic. If your home is located in a neighborhood where house prices are low, the economy’s in a recession, or there are multiple structural issues with your property, you may have no choice but to lower your asking price further.
What should I do if I can’t sell my home?
Here are five options for you to explore if you are struggling to sell your residential property in Philadelphia:
1. Take The For Sale Sign Down
It might just be a bad time to sell. Perhaps there are already lots of similar properties for sale in the area or maybe the cold winter weather is deterring buyers from viewing homes. Depending on the circumstances, it could be worth temporarily taking your home off the market. Of course, this option is contingent on you being able to afford to continue paying the mortgage while you wait for market conditions to improve.
2. Apply For A Second Mortgage
If there is a lot of equity in your house, you might want to consider applying for a home equity loan — as long as you know you can afford the higher monthly repayments. Another option would be to ask your lender if you can transfer a mortgage with an adjustable-rate to a fixed-rate mortgage with a lower interest rate. It’s also possible that your mortgage provider may offer loan modification plans.
3. Explore The Rental Market
If you are unable to sell your home at the moment and can’t cover the payments on two mortgages — your new property and your old home — you could rent out your property at a monthly rate near to the monthly mortgage payment. The only extra expenses you will have to cover are property maintenance and repairs.
4. Think About A Short Sale
If you are upside down on your home — meaning you’ve borrowed more against it than the property’s worth — with negotiation, some mortgage lenders may accept a settlement payment for less than your total balance. If a lender thinks foreclosure is likely, they will more often than not accept a short sale. For a short sale to work, you need to have a buyer lined up who is ready to close quickly. The good news is that we can help you with this. Call us now at (267) 486-1136 and we’ll give you an immediate cash offer for your home. Remember that a short sale will impact your credit. A pre-foreclosure record on your credit file may disqualify you from accessing another mortgage for some time.
5. Provide a “Lease to Buy” Option
Offering a “Lease to Buy” or “Lease to Own” option is a great way to expand your pool of buyers. If you are struggling to find qualified buyers, offering people the chance to rent your home while they save up to cover the down payment or buildup their credit score to get a mortgage application approved, is an option. Consider adding a lease premium to the monthly rent payment. This extra amount can be used to reduce the buyer’s down payment on the day of the sale. Or, if the lessee decides not to buy your property, you get to keep hold of that extra amount. If you want to find out more about the many other options open to you that will help you sell your house in Philadelphia, call us at (267) 486-1136. Alternatively, you can complete our contact form on the contact us page here and we’ll get back to you as soon a possible.