If you’ve caught yourself uttering the words, “I’m unable to sell my house in Lagrange, Georgia,” this article is specifically designed to assist you. It’s possible that you’ve been attempting to sell your property in Lagrange for an extended period without any offers, but there’s no need to panic. You still have several available alternatives that can aid you in selling your house at a reasonable price.
You’ve probably already tried the first one at least once: Lowering the asking price.
It is natural for homeowners to desire to sell their houses at a higher price than what they initially paid. However, certain factors such as low housing prices in the area, a sluggish economy, or structural and locational issues with the property may necessitate a reduction in the asking price.
What are my options if I can’t sell my house in Lagrange?
Here are five other things you can try when you can’t sell your house in Lagrange:
1) Take It Off the Market
You might find yourself attempting to sell your home during an unfavorable period, such as when there is an abundance of similar properties on the market, during the winter season, or amidst holiday periods.
If this is the case, you might be best served by taking your home off the market for a few months – if you can afford to keep paying the mortgage – and wait until market conditions improve.
2) Take Out a Second Mortgage
In the event that you have accumulated substantial equity in your home, one option is to consider taking out a home equity loan, provided you can manage the increased monthly payment. Alternatively, you may explore the possibility of renegotiating a loan modification plan with your lender or converting your adjustable rate mortgage to a fixed-rate mortgage with a lower interest rate. Such a loan could be utilized for various purposes, including investments in real estate.
3) Rent Out Your Home
If you find yourself unable to sell your home and wish to avoid the burden of managing two mortgages (one for your old home and one for your new home), renting out your property at a rental price comparable to your monthly mortgage payment could be a viable solution. This approach allows you to allocate the rental income towards your mortgage without incurring additional expenses, apart from regular upkeep, maintenance, and repairs.
4) Consider a Short Sale
The situation of being unable to sell a house in Lagrange due to owing more than its current value can indeed occur. This typically happens when a homeowner purchased the property in recent years and finds themselves in a negative equity position, commonly referred to as being “upside down” on the mortgage.
In certain cases, it is possible to engage in negotiations with your lender to reach an agreement where they accept an amount less than what you owe on your mortgage. This option, known as a short sale, may be considered when foreclosure appears to be the only alternative. Lenders are often willing to accept a short sale as it allows them to avoid the foreclosure process.
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 706-918-9133 for a no-hassle 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 little while.
5) Offer a “Lease to Own” Option
A lease-to-own arrangement entails renting your house to an individual with the added provision of granting them the option to purchase the property either before or when the lease agreement concludes. This can be a beneficial option if you are struggling to find qualified buyers, as it allows you to collect rent along with a lease option fee from the tenant. Meanwhile, the tenant has the opportunity to accumulate savings for a down payment and work on improving their creditworthiness, enabling them to secure a mortgage to buy your home in the future.
Additionally, you have the option to include a lease premium in the monthly rent, which can serve two purposes. Firstly, it can be applied towards the future down payment if the tenant decides to exercise their option to purchase the home. Alternatively, if the tenant does not end up buying the home, you can retain the lease premium as additional income.
I Can’t Sell My House in Lagrange GA!
If you are interested in learning more your options for selling your home in Lagrange Georgia, call us at 706-918-9133 or fill out the form on this page to get more information sent to you right away.