If you are saying “I can’t sell my house in Murfreesboro TN,” then this article is for you. Have you been trying to sell your Murfreesboro house for a while 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. Check out the options below.
What are my options if I can’t sell my house in Murfreesboro?
Here are six things you can try when you can’t sell your house in Murfreesboro:
1) Reduce The Price
Everybody wants to sell their house for more than they paid for it but if housing prices in your area have dropped since the interest rates went up, you most likely need to start with a price reduction.. Nobody wants to hear this but the truth is we are still adjusting to the massive interest rate adjustments..
2) Take The House Off the Market
You may be trying to sell your home at a bad time. Are there are a lot of other houses just like yours on the market? Winter has always been a slow period, can you wait until spring time?
If this is the case, you might want to consider taking your home off the market for a few months assuming you can afford to keep paying the mortgage, insurance, maintenance, etc.
3) Take Out A Second Mortgage
If you have built a lot of equity in your home, you may want to look at taking out a home equity loan — if you can afford to pay the higher monthly payment, that is. If not, you may be able to renegotiate a loan modification plan with your lender or if you have an adjustable rate mortgage covert to a fixed-rate mortgage that has a lower interest rate. The second mortgage can be used to fund other things, including real estate investments.
4) Rent Out Your Home
If you still want to buy a new home you could always just rent out the old home. You need to check out what the market rents are in your area to see if this is feasible. You can do this would by checking with some of the local property managers or doing an internet search.
Also, it is advisable to have additional funds on hand to cover repairs or the note in the event your renter doesn’t pay on time. Life happens on a regular basis.
5) Consider A Short Sale
“I can’t sell my house in Murfreesboro because I owe too much!” This can happen if you purchased your home within the past couple or three few years when the interest rates were low and the market was super hot. Now that the rates are high and inventory is rising you may not be able to sell for what you bought it for. This is called being upside down.
Depending on your particular circumstances we may be able to negotiate with your lender to accept less than what you owe on your mortgage. This is call a “short sale”. This was very common several years ago and it appears as if the option is coming back. Keep in mind however that a short sale can affect your credit, but not as bad as a foreclosure.
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 (615)310-1909 for a no-hassle offer on your house.
6) 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. 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.
At Provision Homes LLC we are experienced cash buyers that have lived and worked here in middle Tennessee for over a decade. We’ve bought houses that would not sell on the MLS for a multitude of reasons. If you would like an honest straight forward conversation as to what your option might be then by all means give us a call. By the same token, if you are ready to receive a fair cash offer for your house then by all means call today. There are no obligations for you to accept the offer and it”s 100% free!
If you are interested in learning more about your options for selling your home in Murfreesboro TN, call us at (615)-310-1909 or fill out the form below to get more information sent to you right away.