If you’ve found yourself saying: “I can’t sell my house in Kansas City”, then this article is for you. Maybe you’ve been trying to sell your Kansas City house for a while now and still haven’t received any offers – don’t panic! You still have a few options at your disposal to help you sell your house fast in Kansas City for a fair price.
You’ve also probably tried doing this already: lowering the asking price.
Everybody wants to sell their house for more than what 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, then you may have to reduce your asking price.
What are my options if I can’t sell my house in Kansas City?
Here are five other things you can try when you can’t sell your house fast in Kansas City:
1) Take It Off the 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, during the winter months, or during the holidays.
If this is the case, it might be best to take your home off the market just for a few months, to wait until market conditions improve – while considering that you can afford to keep paying the mortgage.
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 — ideally when you can still afford to pay the higher monthly payment, that is. If not, you can try 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 then be used to fund other things, including home improvements.
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. This allows you to use the rent to pay 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 Kansas City 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 Kansas City home buyers on board who can close quickly. Fortunately, KC Property Connection can! Give us a call today at (816) 600-4417 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 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 can’t 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 don’t end up exercising their option to buy your home – you can keep it as income.
I Can’t Sell My House in Kansas City!
The options mentioned above are sure ways to help give you a concrete picture of what you can do when you can’t seem to sell your house in Kansas City. Don’t lose hope just yet because we are here to help!
Talk to KC Property Connection, and we may just be able to help you with our expertise as Kansas City home buyers. We are in the business of helping people through their real estate constraints. If you need to sell fast and close quickly, get in touch with us so we can discuss and evaluate your home.