If you’ve found yourself saying, “I can’t sell my house in Fort Myers FLORIDA,” this article is for you. Maybe you’ve been trying to sell your Fort Myers house for a while now and haven’t received any offers, 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.
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 locational problem, you may have to reduce your asking price.
What are my options if I can’t sell my house in Fort Myers?
Here are five other things you can try when you can’t sell your house in Fort Myers:
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 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
Renting out your home can indeed be a savvy solution if you’re stuck with two mortgages. By setting the rental rate close to your monthly mortgage payment, you effectively convert your property into an income-generating asset. This approach lets you channel the rent directly towards your mortgage, mitigating the financial strain of maintaining two properties. While you’re still responsible for upkeep, maintenance, and repairs, these costs can be offset by the rental income, potentially rendering the arrangement financially neutral or even profitable.
Moreover, renting out your home offers flexibility in the face of a sluggish housing market or personal circumstances that delay the sale of your property. Rather than being burdened by the double financial commitment of two mortgages, renting allows you to leverage your existing property to cover its own costs. It also provides a valuable opportunity to build equity over time while avoiding the urgency of selling at a less-than-ideal price. With careful management and screening of tenants, renting out your home can serve as a strategic move to navigate transitional periods in your housing situation without incurring excessive financial strain.
4) Consider a Short Sale
“I can’t sell my house in Fort Myers 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.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at 239-360-3176 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.
5) Offer a “Lease to Own” Option
A lease-to-own arrangement can offer benefits for both the homeowner and the tenant. For the homeowner, it provides an alternative way to sell their property in a market where traditional buyers might be scarce. By renting the property with the option to purchase, the homeowner can still generate income through rent payments while potentially securing a future sale at a higher price. Additionally, the lease option fee upfront provides an immediate financial benefit, helping to offset any immediate expenses or mortgage payments. It also gives the homeowner a level of security, knowing that the tenant has a vested interest in maintaining the property since they have intentions to eventually own it.
On the other hand, for the tenant, a lease-to-own agreement can offer a pathway to homeownership that might otherwise be out of reach. It allows them to live in the home they desire while simultaneously working towards saving for a down payment and improving their credit score. This flexibility can be particularly appealing for individuals or families who are unable to secure a mortgage through traditional channels due to past financial difficulties or a lack of established credit history. Moreover, the fixed purchase price agreed upon at the beginning of the lease can provide a sense of stability and assurance, shielding the tenant from potential future increases in property values. Overall, a lease-to-own option can serve as a mutually beneficial solution for both parties involved, offering a creative alternative to conventional home buying and renting arrangements.
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.
I Can’t Sell My House in Fort Myers Florida!
If you are interested in learning more your options for selling your home in Fort Myers FLORIDA, call us at 239-360-3176 or fill out the form on this page to get more information sent to you right away.