If the phrase, “I can’t sell my house in Louisville, Kentucky,” has become all too familiar to you, this piece is intended to assist you. Perhaps you’ve been struggling to sell your Louisville Kentucky house for quite some time now and are yet to receive any appealing offers. There’s no need to panic! Even if you feel like you can’t sell my house, you still have a handful of options available to facilitate a fair sale.
One approach that you may have already attempted is to lower your asking price. The ideal scenario is, of course, selling your house for more than its purchase price. However, given the low housing prices in your area, a sluggish economy, or any structural or locational challenges your home may have, it might be necessary to lower your asking price. Remember, even if it feels like you can’t sell my house, revising the price can change the situation.
What Are My Options If I Can’t Sell My House In Louisville Kentucky?
Here are five other things you can try when you can’t sell your house in Louisville Kentucky:
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.
2) Take Out Second Mortgage
If you have built a lot of equity in your home, you may want to take 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 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) 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.
4) Consider Short Sale
Feeling stuck because you think, “I can’t sell my house in Louisville Kentucky as I owe more than it’s worth!”? This is a common scenario if you’ve bought your home recently and its current market value is less than what you owe, a situation known as being ‘upside down’.
However, there’s a potential solution. In certain cases, your lender may agree to accept a lesser amount than the outstanding mortgage. If the only alternative appears to be foreclosure, a short sale might be acceptable to your lender.
For a successful short sale, you would need a buyer ready to close the deal quickly. Luckily, we at Louisville Cash Real Estate are prepared for that! Reach out to us today at (502) 461-1450 for a hassle-free offer on your house.
Bear in mind that short sales can impact your credit score. Having a pre-foreclosure on your credit record could temporarily prevent you from securing another mortgage. Therefore, it’s important to consider all factors before making a decision.
5) Offer A “Lease To Own” Option
Consider offering a lease-to-own option if you’re having trouble finding qualified buyers for your home. This innovative approach allows you to rent your house to a tenant with the added option of purchasing your home at or before the lease’s expiration. This arrangement not only provides you with a steady stream of rental income but also a lease option fee. Simultaneously, it grants your tenant the much-needed time to accumulate a down payment and enhance their credit profile, positioning them to secure a mortgage and buy your home in the future.
Moreover, you can amplify your earnings by adding a lease premium to the monthly rent. This added premium can be allocated towards the future down payment, or should the tenant decide against exercising their buying option, you can retain this premium as additional income. Offering a lease-to-own option could be a win-win situation for both parties.
I Can’t Sell My House in Louisville Kentucky !
If you are interested in learning more your options for selling your home in Louisville Kentucky, call us at (502) 461-1450 or fill out the form on this page to get more information sent to you right away.