If you’re saying, “I can’t sell my house in New Orleans, LA,” you’re in the right place. Don’t panic if you’ve been attempting to sell your New Orleans house for some time and still haven’t gotten any offers! There are several options available to help you sell your house for a good price.
You might have tried the first one at least once already: Lowering the asking price.
Everyone wants more return on their house than they put into it, but you might have to reduce your price if the economy isn’t great, housing prices in your area are low, or your house has any structural or location issues.
What are my options if I can’t sell my house in New Orleans?
Here are five other things you can try when you can’t sell your house in New Orleans:
1) Take It Off the Market
It may be a bad time to be attempting to sell your home. This can occur during winter months and holidays, or because there are many houses just like yours on the market.
If so, it may be better for you to take your home off the market for a few months – if you can afford mortgage payments – and wait until the conditions of the market improves.
2) Take Out a Second Mortgage
If there’s a lot of equity in your home and you can afford to pay higher monthly payments, you might want to take out a home equity loan. If not, you could be able to renegotiate a loan modification plan with your lender or turn your adjustable rate mortgage into a fixed-rate mortgage with a lower interest rate. The loan can then be used to finance other things, including real estate investments.
3) Rent Out Your Home
If your home isn’t selling and you don’t want two mortgages on your hands (your old and new home), one option might be to rent out your home at or near the price of your monthly mortgage payment. This allows you to utilize the rent money for your mortgage without having any extra expenses apart from maintenance and repairs.
4) Consider a Short Sale
“I can’t sell my house in New Orleans because I owe too much!” This can occur if your home was bought within the past several years and you owe more than the property is worth (called being upside down).
In some cases, you can negotiate with your lender to agree on less than what is owed on your mortgage. If it seems like the only other option is foreclosure, your lender may accept a short sale.
You’ll need to have a buyer on board who can close fast in order to do this. Fortunately, we can! Call us today at (504) 224-9066 for a no-hassle offer on your house.
It’s important to remember that short sales can affect your credit. Redeeming a pre-foreclosure on your credit history may disqualify you from receiving another mortgage, at least for a short while.
5) Offer a “Lease to Own” Option
This option is when somebody rents your home with the option to purchase it at or before the lease expires. If you can’t find qualified buyers, this option is great because you’re able to collect rent in addition to a lease option fee from the tenant. This will give them time to save for a down payment and establish their credit so they can get a mortgage to buy your home somewhere down the line.
You can also add a lease premium to their monthly rent that can be applied to the down payment later. Or, if they decide not to buy your home, you can keep it as income.
I Can’t Sell My House in New Orleans, LA!
If you are curious and want to learn more about your options for selling your home in New Orleans, LA, call us at (504) 224-9066 or fill out the form on this page to have more information sent to you right away.