If you’ve found yourself saying, “I can’t sell my house in Danbury CT,” this article is for you. Maybe you’ve been trying to sell your Danbury house for a while now and haven’t received any offers, don’t panic! There are still a few options to use at your disposal to help you sell your house for a fair price.You just don’t know what they are yet.
You’ve probably already tried at least one of them: Lowering the asking price.
We all want to sell our homes for more than what we paid for. But what happens if housing prices in your area are low. What if the economy’s not doing well, or your home has some sort of cosmetic, structural, or locational problem, you may have to reduce your asking price. This is a common problem we’re facing now in this stage of the housing market.
What are my options if I can’t sell my house in Danbury?
Here are five other things you can try when you can’t sell your house in Danbury:
1) Take It Off the Market
It could be bad timing to sell your home, there are many times 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 better off 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
If you’ve built enough equity in your home, you may want to take out a home equity loan — that is if you can afford to pay the higher monthly payment. If you can’t pay more, you may be able to renegotiate a loan modification plan with your lender or convert your adjustable rate mortgage into a fixed-rate mortgage that has a lower interest rate. The loan can be used to fund other things, including real estate investments.
3) 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) another option may be to rent out your home at or near the price of your monthly mortgage payment. Renting it to a tenant allows you to pay your mortgage without having to incur any additional expense – other than upkeep, maintenance and repairs.
4) Consider a Short Sale
“I can’t sell my house in Danbury because I owe too much!” This happens more times than you can imagine. If you purchased your home within the past few years and currently owe more than the home is worth this is (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 do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at (203) 717-6668 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, any time soon at least a couple of years.
5) 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 great 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.
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.With lease options the tenant buyer is also responsible for all maintenance and repairs necessary upon moving into the home.
I Can’t Sell My House in Danbury CT!
If you are interested in learning more about your options for selling your home. We offer many different solutions to the different problems sellers face in Danbury CT, call us at (203) 717-6668 or fill out the form on this page to get more information sent to you right away.