What to do if Your Home Won't Sell

What to do if Your Home Won't Sell

What to do if Your Home Won't Sell

It's an unfortunate but common problem today, homeowners trying desperately to sell their home but unable to do so. Their reasons for selling can be anything, whether they're moving out of state, selling an inherited home, unload a real estate investment they can't afford, or facing foreclosure. But the uphill battle they're dealing with is the same no matter what their reasons for selling. If you're one of the millions of Americans stuck with a home that you can't seem to sell, you're likely trying to decide what your other options may be. Sadly, there aren't really that many options. The two main choices you'll likely have to decide between are short sales or renting.

Short sales are becoming more common nowadays as the housing market remains fairly stagnant. They're usually the best option for property owners who are facing foreclosure. A short sale will still impact your credit score negatively, but not as drastically as foreclosure or bankruptcy. Essentially, the process involves your bank agreeing to allow you to sell off your home for less than the amount that you owe on it. You'll escape the debt and avoid foreclosure, while the bank receives at least some money. While not all lenders will agree to these arrangements, the truth is that they suffer from a foreclosure as well and will receive a portion of the money owed to them, which is better than nothing.

An alternative to short sales is renting your property. If you're a month away from foreclosure, this may not help. But for many others, renting is a great option. The rental market on a whole is much stronger than the selling market, and finding renters is usually a painless process. Property management specialists make the job even easier, and can help with screening applicants, drafting leases, advertising the property, and even managing it for you. Renting is an attractive option, since you can usually ask enough for rent to cover most or all of your monthly mortgage payments.

The sad truth is that the housing market is still suffering and although experts are predicting that it will rebound, nobody knows exactly when that will happen. And when it does, it will be a slow process. Your home value won't double overnight and have a line of people waiting to buy it. So, you'll have to make hard decisions soon about property that you can't seem to sell right now. Short sales and renting are your two best options. Each works better for certain people, and deciding which is best for you involves considering your options.

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