This article is for you if you find yourself saying, “I cannot sell my house in Wichita Kansas“. Don’t panic if you haven’t received any offers while trying to sell your Wichita house and it’s been a while. You have other options that can help you sell your house for a fair price.
Have you already tried lowering the asking price at least once?
Everyone wants to sell their house for more money than they paid for it. But if the economy isn’t doing well and housing prices in your area are low, or your home needs repairs, or it isn’t in the ideal location for buyers, you likely need to reduce the asking price to move forward.
What are my options if I can’t sell my house in Wichita?
When you can’t sell your house in Wichita, below are five options:
1) Take It Off the Market
Not all times are ideal to sell your house, such as many similar homes on the market, during the holidays or the winter months.
During these times, it may be best to take your home off the market for a few months and wait for the market conditions to improve. That is of course if you can afford to keep paying the mortgage and bills.
2) Take Out a Second Mortgage
If you have a lot of equity in your home, you may consider taking out a home equity loan if you can afford to pay the additional monthly payment. If this is not an option for you, you may contact your lender to renegotiate a loan medication plan or convert to a fixed-rate mortgage with a lower interest rate. The loan could be utilized to finance other things such as real estate investments.
3) Rent Your Home Out
If you find yourself with two mortgages (your current residence and your previous home is still on the market), another option would be to rent your home at or near the cost of your monthly mortgage payment. While this does help in applying the rent to your mortgage payment, remember you still have additional expenses such as maintenance, repairs, and upkeep. As the owner, you are still responsible to keep your renters happy.
4) Consider a Short Sale
“I can’t sell my house in Wichita because I owe too much!” This is called being upside down in a mortgage meaning you purchased your home within the past few years and currently owe more than the home is worth.
In some cases, you can negotiate with your lender to accept less than what you owe on your mortgage. If foreclosure is on the table, your lender may accept a short sale. But for this to work, you will need a buyer on board who can close quickly. Fortunately, we can! Give us a call today at (316) 413-8314 for a no-hassle offer on your house.
It is important to know that short sales can affect your credit, however, and may disqualify you from being approved for another mortgage for a while at least.
5) Offer a “Lease to Own” Option
A lease to own option is when you rent your home out to someone with the option to purchase your home at or before the expiration of the lease. This could be a good option when you cannot find a qualified buyer. You would collect rent from the tenant, plus a lease option fee while allowing them time to save up for a down payment and establish their credit. They could then get a mortgage to buy your home down the road.
You could also add a lease premium to their monthly rent and apply it to the down payment if they decide to buy or keep it as income if they exercise their option not to purchase the house.