If you’ve found yourself saying, “I can’t sell my house in Asheville,” this article is for you. Maybe you’ve been trying to sell your Asheville house for a while now and haven’t received any offers, don’t panic! You still have a few options at your disposal to help you sell your house for a fair price.
You’ve probably already tried the first one at least once: Lowering the asking price.
Everybody wants to sell their house for more than they paid for it but if housing prices in your area are low, the economy’s not doing well, or your home has some sort of structural or a location problem, you may have to reduce your asking price.
What are my options if I can’t sell my house in Asheville?
Here are five other things you can try when you can’t sell your house in Asheville:
1) Take It Off the Market
You may be trying to sell your home at a bad time, such was when there are a lot of other houses just like yours on the market, during the winter months, or during the holidays.
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. Sometimes renting it out for a year or two years is enough time to allow the market to adjust and for you to get your asking price.
2) Rent Out Your Home
If you can’t sell your home and don’t want to hold two mortgages (your old home and your new home) one option may be to rent out your home at or near the price of your monthly mortgage payment. That allows you to apply the rent to your mortgage without having to incur any additional expense – other than upkeep, maintenance and repairs. If you have been a landlord before it would be a good idea to explore working with a management company.
3) Consider a Short Sale
“I can’t sell my house in Asheville because I owe too much!” This can happen if you purchased your home within the past few years and currently owe more than the home 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. Make sure you understand and know what a short sale is before you go down that road.
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 828-222-6443 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.
4) Offer a “Lease to Own” Option
A lease to own option is when you rent your house to somebody with the option to purchase your home at or before the lease expires. This is a good option if you can’t find qualified buyers because you can collect rent plus a lease option fee from a tenant while giving them time to save up for a down payment and establish their credit so they can get a mortgage to buy your home down the line. Make sure you consult with an attorney before going down this avenue. To protect yourself as a seller and structure a fair deal for your buyer it is important than an attorney draws up the closing documents.
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.
I Can’t Sell My House in Asheville North Carolina!
If you are interested in learning more your options for selling your home in Asheville North Carolina, call us at 828-222-6443 or fill out the form on this page to get more information sent to you right away.