This post is for you if you’ve found yourself saying, “I can’t sell my house in Tulsa,OK.” Don’t be concerned if you’ve been attempting to sell your [market city] home for a while and haven’t received any offers. You still have a few options to help you sell your house for a reasonable price.
You’ve most likely tried the first one at least once.: Lowering the asking price.
Everyone wants to sell their home for more than they bought for it, but if property prices in your area are low, the economy is struggling, or your home has a structural or location issue, you may need to lower your asking price.
What are my options if I can’t sell my house in Tulsa?
Here are five other things you can try when you can’t sell your house in Tulsa:
1) Take It Off the Market
You may be attempting to sell your home during an inconvenient time, such as when there are many other residences similar to yours on the market, during the winter months, or during the holidays.
If this is the case, you may be better off taking your home off the market for a few months – assuming you can afford to keep paying the mortgage – and waiting for market circumstances to improve.
2) Take Out a Second Mortgage
If you have a lot of equity in your house, you might want to get a home equity loan if you can afford the larger monthly payment. If not, you may be able to renegotiate a loan modification with your lender or convert your adjustable-rate mortgage to a fixed-rate mortgage with a reduced interest rate. The loan can be utilized for a variety of purposes, including real estate investments.
3) Rent Out Your Home
If you are unable to sell your house and do not wish to carry two mortgages (one for your old home and one for your new home), one alternative may be to rent it out at or near the amount of your monthly mortgage payment. This allows you to apply the rent to your mortgage without incurring any additional costs outside upkeep, maintenance, and repairs.
4) Consider a Short Sale
“I can’t sell my [market city] house because I owe too much!” This is possible if you bought your home within the last few years and currently owe more than the house is worth (called being upside down).
In some instances, you can negotiate with your lender to accept less than what you owe on your mortgage. If it looks like the other option is foreclosure, your lender probably will accept a short sale.
To accomplish this, you’ll need a buyer who can close swiftly. We can, thankfully! Call us today at (918) 407-7981 for a no-obligation offer for your home.
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 little while.
5) Offer a “Lease to Own” Option
A lease to own option is when you rent your home to someone with the option to purchase it at the end of the term. If you can’t locate eligible purchasers, this is a fantastic alternative since you can earn rent plus a lease option fee from a tenant while allowing them time to save up for a down payment and establish their credit so they can get a mortgage to buy your house later.
You also can 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 – you can keep it as income.