Are you saying “I can’t sell my house in Santa Clarita CA,”? If so, this article is for you. Have you not received any offers even though you’ve been trying to sell for a while? Don’t panic just yet. There’s still a few things you can try to help sell your house for a fair price.
You’ve most likely already tried the first option: Lowering the asking price.
Almost everyone wants to sell their house for a more than they bought it for but that’s not always possible. If the economy is in a down turn, housing prices in your neighborhood are low or if the condition or location of the property are poor, you may have to reduce your asking price.
What are my options if I can’t sell my house in Santa Clarita?
Here are five other things you can try when you can’t sell your house in Santa Clarita:
1) Take It Off the Market
It’s not always a good time to sell, winter months and holidays are especially hard times to sell. Selling in a downturn like the 2008 recession is also a tough time to sell especially for more than you paid.
If you bought at the peak of the market and you want to sell for more than you paid, you may need to just take it off the market and wait for the housing market to recover before selling. While I know this won’t work for everyone because not everyone has the time or money to wait for the market to recover, it’s an option if you want top dollar for your property.
2) Take Out a Second Mortgage
If you have a sizable amount of equity in your home, instead of selling the home to access the equity, you may want to take out a home equity loan or home equity line of credit (HELOC) but only take out these loans if you can afford the added monthly payment that comes with it. If not you may be able to negotiate a loan modification with your lender to get a lower interest rate or switch an adjustable rate mortgage to a fixed rate mortgage. If you do get a home equity loan or HELOC, you can use that money to fund other things such as real estate investments or business ventures.
3) Rent Out Your Home
If you are having trouble selling your home and don’t want to hold two mortgages (your old home and new home) a great option is to rent out your home near the price of your monthly mortgage. That way your old mortgage is covered and you only have to worry about your new home. While this covers the mortgage, there are other expenses that may come up such as upkeep, maintenance and repairs. If you would like to rent out your property, we lease properties from owners, just give us a call to see what options you have.
4) Consider a Short Sale
“I can’t sell my house in Santa Clarita because I owe too much!” This happens more often than you would think especially when you buy during the market highs and try to sell in the market lows. The value of the property has gone down but the loan is still for the previous value. This is called being upside down on your property.
Sometimes, you can negotiate a lower payoff amount for your loan when the alternative is a foreclosure. Foreclosure is an expensive and timely process. Many times they’d rather get paid less to not have to deal with the headache. If it looks like the alternative is foreclosure, your lender will probably accept a short sale.
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 (661) 535-0778 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 also referred to as rent to own is when you rent your house to somebody and give them the option to purchase the property during the time they’re living in the property or before the lease expires. This is a good option if you can’t find qualified buyers because you can collect monthly payments and an option fee from your tenant. This strategy allows the renter time to save up money and establish their credit so they can get a mortgage to buy the home in the future.
You can even add a lease premium to their rent that can be applied to the down payment later on. If they decide not to exercise their option to buy you get to keep the premium as income.
I Can’t Sell My House in Santa Clarita CA!
There’s multiple things you can do when you can’t sell your home. You always have options. If you’re interested in learning more about your options for selling or leasing your home in Santa Clarita CA, call us at (661) 535-0778 or fill out the form on this page to get more information sent to you right away.