If you’ve found yourself saying, “I can’t sell my house in Kansas City Missouri,” this article is for you. Maybe you’ve been trying to sell your Kansas City 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.
This is usually the last thing people want to do, but the first option they try. Of course, we would all like to make a little money while owning the home. But if the home has structural or locational problems, or the local economy or job market is not doing well you may need to reduce the asking price to sell the home.
What are my options if I can’t sell my house in Kansas City?
Here are five other things you can try when you can’t sell your house in Kansas City:
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.
In this case, you may be better just taking the home off of the market for a few months, if you can afford to hold onto the home, and re-listing when the 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
If you can’t sell your home and either can’t afford, or simply don’t want to pay for 2 mortgages simultaneously, you can rent out the home to at least cover your mortgage payment. You will still need to cover taxes, repairs, etc but the major expense is covered.
4) Consider a Short Sale
“I can’t sell my house in Kansas City 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).
Sometimes you can negotiate with your lender to sell the home for less than you owe. This is known as a short sale. The bank will usually do this in situations where it looks like a foreclosure is the only remaining option.
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 816-800-9238 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 (rent-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 Kansas City !
If you are interested in learning more your options for selling your home in Kansas City Missouri, call us at 816-800-9238 or fill out the form on this page to get more information sent to you right away.