We all know that the real estate market is having a difficult time right now. Houses are still selling, but selling a home isn’t always guaranteed. If you need to move right away and your home just isn’t selling, here are some options you can try.
Turn the home into a rental
Renting your home can be a good option for a number of reasons. The first of course is to cover the mortgage and taxes on the home to reduce your expenses. Having the rental income will give you some peace of mind, knowing that you will be able to pay your bills.
With a proven rental income, you should still be able to get a new mortgage on a new home, if that is what you wish. As long as the back sees that your old mortgage is being covered with new income from the rental, and you have a contract to continue this income, you should be fine (depending on the fact, of course, that you would qualify for your mortgage if your home had been sold).
You can continue to market your home for sale while it is being rented. It may be a little more difficult, because it will require the cooperation of the tenants. or, you could keep it rented for a year or two and then put it up for sale when the market improves. Your tenant may even be open to a rent to own situation.
Auction your home
Auctioning your home may sound scary, but it can really be quite controlled. You can set a reserve price, so you know that your home won’t sell for less than that number. You will probably pay a higher commission to an auction house than you would to a real estate agency, but if you are crunched with paying two mortgages or high carrying costs, you may save money in the long term by a quick sale.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. You can read more of her articles by clicking here.
Related Articles:
5 Things to Do to Sell Your House Fast!
5 Things to Do to Sell Your House Fast! (Continued)
Do It Yourself: Staging Your Home to Sell
Will Your Home Sell in a Recession: Carrying Costs