If you’ve found yourself saying, “I can’t sell my house in Minneapolis St Paul Minnesota ,” this article is for you. Maybe you’ve been trying to sell your Minneapolis St Paul house for a while now and haven’t received any offers, or the offers you received early on you didn’t take because they seemed to low. don’t panic! You still have a few options at your disposal to help you sell your house for a fair price.
You’ve probably already tried the first one at least once: Lowering the asking price. If you have not, then lower the price. We have found that every house will sell ultimately depending on price. If you have not done that, try lowering the price.
Everybody wants to sell their house for more than they paid for it but if housing prices in your area are low, the economy’s not doing well, or your home has some sort of structural or location problem, you may have to reduce your asking price.
What are my options if I can’t sell my house in Minneapolis St Paul?
I have came up with a list of things that you can do today when you can’t sell your house in Minneapolis St Paul:
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. right now we have the Corona Virus going around and no one is looking at houses.
If this is the case, you might be best served by taking your home off the market for a few months up to 6 months once things calm down – if you can afford to keep paying the mortgage – and wait until market conditions improve.
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 — 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. A good rule of thumb is the .75% rule. Lets say your loan amount you owe is $150,000 if you can rent it for .75 of that amount go ahead and rent it. considering depreciation and tax benefits for interest paid you should be good. This example would mean that you should rent it out at least $1125 per month. This is a good option for many who can’t sell their home in Minneapolis St Paul metro area. Keep in mind also that you may be responsible still for upkeep, maintenance and repairs.
4) Consider a Short Sale
“I can’t sell my house in Minneapolis St Paul because I owe too much!” This can happen if you purchased your home within the past few years and currently owe more than the home is worth (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. There is a lot of paperwork and convincing of the lender that needs to happen with this option.
To do this, you’ll need to have a buyer for the house on board who can close quickly, before the redemption period is over. Fortunately, we can! Give us a call today at (612) 444-5088 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, at least for a little while. Its best to look into things before moving ahead.
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 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.
With these 5 options to “I Can’t Sell My House In Minneapolis St Paul Minnesota ” in your mind you can think about which one meets your needs and expectations the best. Depending on your time within the redemption period, one of more options may work out for you. Often people just want to be done with the whole thing and would welcome a cash offer to purchase their home. We pay all the closing cost and can close in as little as 7 days.
I Can’t Sell My House in Minneapolis St Paul MN!
If you are interested in learning more your options for selling your home in Minneapolis St Paul Minnesota , call us at (612) 444-5088 or fill out the form on this page to get more information sent to you right away.