My House Won't Sell: What Are My Options?

If you want to sell your home, and it's not selling fast enough, here are some options to consider. Refinance, Loan Modification, Renting, Owner Finance, For Sale By Owner--all of these options are out there! These may not have came to your mind, so see if one will fit you and help you get you where you want to be.

Refinance. The is where you pull equity out of your home and refinance. It is credit based, and you're basically starting over with another 30 year mortgage.

Loan modification. This is a modification of your original mortgage agreement. It lowers monthly payment, interest rate, and can place any arrearage at the back of your loan. To apply, call your lender and ask for a loan modification. For a company to help you do one go to www.fastfreeloanmods.com

Owner Finance. This usually comes with a down payment of 1-20% plus a marked up monthly payment. The extra money should be set aside in case the buyer looses the property. Typically, buyers take better care of the home than a renter, because they have a vested interest in the property. Repairs are the responsibility of the new owners, but any large claims have to be turned in on the mortgage holder's insurance. Research this well because you need to have key words in your contract such as "buyer waives the right to foreclosure." Without phrases like this, the new owner could stop making payments, causing you to go into foreclosure if you can't make the payments, and they could live there until the foreclosure occurs, which can take up to a year or more. And ruin your credit in the process. So, before you jump into offering your home owner financed, do your due diligence to protect yourself. You can also do short or long term owner financing.

Renting Out Your Home. I personally, do not like to do this on my primary mortgaged home, but if you are in a pickle, it is an option. You'll have to file an eviction at your cities local courthouse if they don't make their payment. Make sure you get an ample security deposit, usually an equal amount to the monthly rental price. Also, remember to include whether pets or modifications are okay. If you don't mention it in your contract, then it's okay. My grandmother rented out her home and while she assumed the renters would value the large living room mural and new carpet, that was the first things to go. So, if you have to rent out your home, screen the renters as best you can, and have an adequate rental agreement.

Sell it Yourself. If your not using a realtor, remember to list on For Sale By Owner websites, Craigslist, Dandy Dime and Penny Saver newspapers. Listing on Craigslist is free, and the Dandy Dime and Penny Saver newspaper are very affordable ads to run, some less than $10! Unfortunately for me, after I listed with a realtor, I sold my home to a coworker, which could have saved me 7% in realtor fees. For a site that will offer you a cash price fast go to www.bonezip.com