If you’re tearing your hair out, screaming, “My El Paso, TX House Isn’t Selling,” you may find the answers you need right here in this article. If your El Paso house has been on the market now for some time and you’ve not received any serious offers, you are not without options. There are things that you can do to help get a decent price for your home.
You may have already tried the most obvious thing: Lowering the asking price. Of course, you want to get as much money as possible from the sale of your house. But if the economy is in a slump, prices in your neighborhood are trending down, your house is in a poor location, or has deferred maintenance or structural problems, you may have no choice but to lower the price.
What options do I have since my El Paso house isn’t selling?
Aside from lowering the price, here are five other options to try that may help you sell your El Paso house:
- Take Your House Off the Market
The reason your house hasn’t sold may be due to bad timing. If your area is flooded with other houses similar to yours on the market, or if you’ve been trying to sell it during the holidays or winter months, the timing may be off.
Under these circumstances it may make sense to take your house off the market until market conditions improve. This is assuming that you can afford to continue making mortgage payments.
- Consider Taking Out a Second Mortgage
If your home has quite a bit of equity in it, rather than sell it why not consider a second mortgage? If the higher payments wouldn’t be a problem, this may be the answer. If this wouldn’t work for you, you can contact your lender for a loan modification or to switch from your adjustable-rate mortgage over to a fixed-rate mortgage with lower interest. A home equity loan can be used for other things as well, such as real estate investments.
- Rent Your House Out
If your home won’t sell and you can’t afford to keep up the mortgage payments on this house plus the payments on your new house, why not put your existing house up for rent? If you can garner enough rent to cover the monthly mortgage payment, this might solve the problem. You would be able to use the rent to cover your mortgage without incurring further expenses, except for upkeep and repairs.
- Do a Short Sale
“I’m not able to sell my El Paso house because I owe more on it than it’s worth.” This could happen to people who bought their house at a time when the housing market was in decline, and they ended up being “upside down” with their mortgage.
In some cases, the lender will be open to negotiations and accept less money than what is owed on the mortgage. If the only other feasible option is foreclosure, there is a good chance that the lender would opt for a short sale.
To accomplish this, you will need a buyer already lined up who can offer a quick close. And that’s exactly what we do! Please call us today at (915) 228-3314 for a no-obligation offer on your El Paso house.
However, you need to be aware that a short sale can detrimentally impact your credit, which may prevent you from obtaining another mortgage for a period of time.
- Rent Your House with a “Lease to Own” Option
You can put your house up for rent with a lease to own option, so that the tenant can exercise the option to buy your house before or at the end of the lease term. If you haven’t been able to find a qualified buyer for your house, this may give you some breathing room. You can collect the monthly rent to cover your mortgage, as well as a lease option fee from your tenant. This gives them time to get their finances and credit in order to qualify for a mortgage, so they can buy your house when their lease ends.
In some cases, it’s appropriate to add a lease premium to their rent, which can be applied to their down payment if they buy your house. If they end up not buying your house, you are allowed to keep this money as income.
My El Paso, TX House isn’t Selling… Help!