If you’ve found yourself saying, “I can’t sell my house in Portland OR,” this article is for you. Maybe you’ve been trying to sell your Portland 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 Portland?
Here are five other things you can try when you can’t sell your house in Portland:
1) Take It Off the Market
If the market is not good for selling your house, take it off the market. The longer you wait to sell your house, the better it is chance of selling. Of course, if you are waiting for market conditions to improve before you put your house on the market, then consider renting out your home while you wait for a better time to sell it.
If there are too many other homes just like yours on the market right now and no one is interested in seeing what you have to offer, then waiting until things change might be all that you can do. If other houses are coming onto the market soon because their owners are trying to get rid of them at about the same time as when yours was listed, then again, putting it on hold might be best.
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
Unless you have a large family and require space, many people try to limit their living arrangements to a single-family dwelling. Unfortunately, in most areas of the country, it is all too common for such a home to be prohibitively expensive.
In order to afford such living expenses, some homeowners might consider renting out their home when it’s not being used by the owner or his or her family. This allows them to cover housing expenses without having to incur additional expenses – at least until they sell the property and move into something cheaper. For those who can’t sell, this option enables them to continue paying the same monthly total on both mortgages, allowing one loan balance (the new mortgage) time to be paid down while making mortgage payments single-family dwelling is not always affordable. In those cases, you have a couple of options: You can either settle for an apartment or condominium, or you can rent out your current house and move to a more affordable property.
4) Consider a Short Sale
“I can’t sell my house in Portland 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 503-809-4855 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 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.
I Can’t Sell My House in Portland OR!
If you are interested in learning more about your options for selling your home in Portland OR, call us at 503-809-4855 or fill out the form on this page to get more information sent to you right away.