If you’ve found yourself saying, “I can’t sell my house in Corpus Christi TX,” this article is for you. Maybe you’ve been trying to sell your Corpus Christi 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.
Everybody wants to sell their house for more than they paid for it but if housing prices in your area are low, the economy’s not doing well, or your home has some sort of structural or locational problem, you may have to reduce your asking price.
What are my options if I can’t sell my house in Corpus Christi ?
Here are five other things you can try when you can’t sell your house in Corpus Christi :
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.
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 Corpus Christi 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.
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 (361) 695-1943 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 an “Owner Finance” Option
When you own your home free & clear this allows you to create a note and become the bank. This is a good option if you can’t find qualified buyers who can get a bank loan. There are so many more buyers who don’t quifly for a bank loan but have a generous down payment and can afford a monthly payment. Your buyer gets ‘deeded’ the property and you get monthly principal & interest payments, just like the bank would. The buyer pays the insureance and taxes and you can escrow everything to assure yourself it’s getting paid. The insurance places you as the lien holder so there are no worries there. And there’s a deed of trust written up at closing to protect you against a default on the buyers side.
All in all – with owner financing, over the term of the loan, you are paid significantly more than in the usual retail sale.
I Can’t Sell My House in Corpus Christi TX!
If you are interested in learning more your options for selling your home in Corpus Christi TX, call us at (361) 695-1943 or fill out the form on this page to get more information sent to you right away.