August 6, 2020By Alex Romanov
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.
Do you 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, found a real estate agent, and you might have even let the listing expire only to relist it again or decrease the price. This doesn’t look good to potential buyers.
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.
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.
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.
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.
If you want quick cash for an as-is house, consider selling to a home buyer. Selling the house as-is, not only prevents sellers from having to make repairs, but also expedites the sales process since the home buyer buys the house for cash rather than having an agent list the house, market it, then find the right buyer. Most buyers searching on the multiple listing service (MLS) are looking for houses that are move-in ready. Houses sold as-is are not considered move-in ready since they need repairs. This is why a home buyer makes the perfect option for sellers in this situation.
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 repairs needed to bring the home back to its glory. 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 like us. Selling a home as-is is a great, popular option for how to get rid of a house that won’t sell.
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.
If you want to sell your house immediately (or yesterday), the best way to start is to research 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). There are many national real estate investment companies, but if they’re not based here in Washington, steer clear as they are not familiar with the market like a local investor is. We are local house buying investors based here in Lynnwood, and we buy houses all over the State of Washington. We have been in business for five years and have a good reputation in the industry with many five-star reviews on our social media sites from working with past sellers. We look forward to helping you in whatever situation you’re in!
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