If you have found yourself saying, “I cannot sell my house in Lawrence NJ,” this article is for you. Maybe you have been trying to sell your Lawrence, NJ house for a while now and have not received any offers, do not panic! You still have a few options at your disposal to help you sell your house for a fair price.
You have 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 cannot sell my house in Lawrence, NJ?
Here are five other things you can try when you cannot sell your house in Lawrence, NJ:
1) Take It Off the Market
When you are attempting to sell your home, timing is a crucial factor that can significantly impact your success in the real estate market. You may be trying to sell your home at a bad time, such as:
When there are a lot of other houses just like yours on the market – When buyers have numerous options, it can be challenging to stand out.
During the winter months, or during the holidays – Off-Peak Seasons. Seasonal fluctuations in the real estate market can also influence your selling prospects. During the winter months, buyers may be less active due to the weather, holidays, or the start of the school year. Similarly, selling your home during the holiday season might not be ideal, as many potential buyers are preoccupied with other activities.
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 cannot sell your home and do not 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 expenses – other than upkeep, maintenance, and repairs.
4) Consider a Short Sale
“I cannot sell my house in Lawrence, NJ 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).
A potential lifeline in such circumstances is a short sale. 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. Here’s some additional information to consider:
The Short Sale Process – To initiate a short sale, you will need to work closely with your lender, providing them with a detailed financial hardship letter explaining why you cannot continue to make mortgage payments and outlining the challenges you face. Your lender will assess your financial situation and the value of your property to determine whether a short sale is a viable solution.
Finding a Buyer – To do this, you will need to have a buyer on board who can close quickly. Often, buyers who are interested in short-sale properties are real estate investors or individuals looking for a bargain. Fortunately, we can! We buy houses as-is and could help you out of this distressing situation. Give us a call today at 609-531-4990 for a no-hassle offer on your house.
Credit Impact – 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 cannot 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 do not end up exercising their option to buy your home – you can keep it as income.
I Cannot Sell My House in Lawrence New Jersey!
If you are interested in learning more about your options for selling your home in Lawrence NJ, call us at 609-531-4990 or fill out the form on this page to get more information sent to you right away.