If you’ve ever felt the frustration of listing a house without getting any offers, you might be wondering how to get rid of a house that won’t sell.
Have a house that sat on the market without piquing the interest of buyers? Then you’ve probably already spent time, money, and energy to try to sell the house. You’ve done some research and probably found a real estate agent. You might have even let the listing expire only to relist it again or decrease the price.
Selling a house is stressful enough without the delay of a house that won’t sell. Fortunately, sellers facing this stressful situation have several alternative options to consider.
My house isn’t selling – What can I do?
If your house is having trouble selling on the open market, there are several things you can do. Deciding what action to take depends on your goals and your reason for selling in the first place. Below are some considerations in choosing a strategy on how to get rid of a house that won’t sell.
Are you upsizing or downsizing?
If you’re selling your house to upsize or downsize, consider waiting to sell the house. It’s possible that the house isn’t selling because of market conditions, which tend to change over time. If there is no urgency to move, consider waiting.
Are you moving?
If your need for relocating is more urgent and the house won’t sell, try renting it out. Even if you can’t rent out the house high enough to cover the entire mortgage and escrow, it still beats paying two mortgages (or a mortgage and rental rate).
Keep in mind that maintaining a rental property takes time and work. Renting out a house turns the seller into a landlord responsible for maintaining the house, keeping it tenant-occupied, and collecting rent.
Are you in a financial bind?
If you’re selling the house for a financial reason, the above options may not be ideal. You might not be able to pay for the mortgage or needed repairs. Or perhaps you need fast cash for an unexpected expense and have other living accommodations that are more affordable than your house.
If you can’t afford the house or expensive repairs, you might consider taking out a new mortgage or refinancing your house. Before considering these options, speak with a trusted financial adviser who can walk you through the benefits and challenges of each option.
Another option for sellers in a financial bind or who want to sell quickly is to sell the house as-is to a real estate investor. Selling a home as-is is a great, popular option for how to get rid of a house that won’t sell.
How to get rid of a house that won’t sell: The option of selling as-is
Selling a house “as-is” refers to houses listed for sale that require repairs or updates. While these houses sell below full market value (because they aren’t up to par with market standards), sellers benefit from a quicker, easier sale than listing the house on the open market with a real estate agent.
Sell your house as-is for cash in hand!
If you want quick cash for an as-is house, consider selling to a real estate investor. Selling the house as-is not only prevents sellers from having to make repairs, but also expedites the sales process since the homebuyer buys the house for cash, rather than having an agent list the house, market it, and then find the right buyer. Most buyers looking on the Multiple Listing Service (MLS) are looking for houses that are move-in ready. Houses sold as-is aren’t considered move-in ready since they need repairs. This is why a homebuyer makes the perfect option for sellers in this situation.
I want to sell my house now!
If you want to sell your house now, the best way to start is researching researching real estate investors in your area.
Make sure you work with a local investor that understands your market (rather than a company offering to buy your house sight unseen).
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