Have you been trying to sell your Miami house for a little too long?
If you find yourself thinking, “I can’t sell my house in Miami, Florida,” this article is for you. Even if you haven’t received any offers, don’t panic!
There Are Still Options You Can Try To Sell Your Home Fast!
You’ve probably already tried the first one at least once: Lowering the asking price.
I think everyone would agree that selling a property for more than what you paid for it would be fantastic, but it isn’t always that straight forward. If the economy is struggling, and prices in your area are low, you may have no choice but to reduce your asking price. Other factors can include the structural integrity of the building, age, and location.
This article introduces five alternative options you can try if you’re struggling to sell your house in Miami-Dade.
1) Take It Off the Market
Now, this might sound odd at first, but trust us – it can be a smart move. For instance, if your house is one of many similar buildings currently available on the market, it will be difficult – even with excellent advertising – to get your property to stand out, especially during the holiday season or over Winter.
If this is the case, it might be a good idea to take your home off the market for a few months and wait for conditions to improve. This does, however, depend on whether or not you can afford to keep paying the mortgage.
2) Take Out a Second Mortgage
If you have built a lot of equity in your home, you may want to take out a home equity loan. A loan can be a useful source of extra funding, particularly if you’re considering investing in real estate. Remember, this will mean higher mortgage payments each month.
If you don’t qualify for an equity loan, you may be able to renegotiate a loan modification plan with your lender or convert your adjustable-rate mortgage into a fixed-rate mortgage with a lower interest rate.
3) Rent Out Your Home
If keeping up with mortgage payments on one property is hard enough, let alone two, then you may want to think about renting out your second house. Make sure the rent covers all or at least most of your monthly mortgage payments for that property. Then you can apply the rent to your mortgage without having to incur any additional expenses other than upkeep, maintenance, and repairs.
4) Consider a Short Sale
“I can’t sell my house in Miami-Dade because I owe too much!”
Unfortunately, this can happen if you purchased your home within the past few years and currently owe more than the home is worth. We call this being upside down.
In some instances, you can negotiate with your lender to accept less than what you owe on your mortgage. But if this seems impossible and your only other option is foreclosure, your lender probably will allow a short sale.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Check out our website >>> We Buy Houses Miami! Or, give us a call today at (305) 916-3328 for a no-hassle offer on your house. No strings attached.
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
This is a solid route to take if you’re struggling to find qualified buyers. A lease to own option is when you rent out your house and allow the tenant the choice of purchasing your home at or before the lease expires. This can work well because you can collect rent plus a lease option fee from the tenant, all the while giving them time to save up for a down payment. Additionally, you’re letting them establish their credit so they will be eligible for a mortgage to buy your property 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 change their mind and don’t buy your home – you can keep it as income.