If you’ve found yourself saying, “I can’t sell my house in Grand Rapids Michigan,” this article is for you. Maybe you’ve been trying to sell your Grand Rapids house for a while now and haven’t received any offers. That’s okay! You still have a few options 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 there are significant repairs needed, many people do not want to tackle the time consuming effort of fixing up houses, so you may have to reduce your asking pricing. Also, there can be structural or location challenges that make it difficult to sell.
What are my options if I can’t sell my house in Grand Rapids?
Here are five other things you can try when you can’t sell your house in Grand Rapids:
1) Take It Off the Market
Sometimes timing can be everything in real estate sales. You may need to take it off the market for a few months and consider putting it back on the market during the Spring or Summer, which is often the hottest time to sell a house.
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
If you can’t sell your home and don’t want to hold two mortgages (your old home and your new home) one option may be to rent out your home at or near the price of your monthly mortgage payment. That allows you to apply the rent to your mortgage without having to incur any additional expense – other than upkeep, maintenance and repairs.
4) Consider a Short Sale
“I can’t sell my house in Grand Rapids 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.
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 Grand Rapids MI!
If you are interested in learning more your options for selling your home in Grand Rapids Michigan, call us at (616) 303-7378 or fill out the form on this page to get more information sent to you right away.