As so many sellers have found, sometimes selling your home can be a seemingly impossible task. An increasing number of homes have been on the market for months, or even years, and still have not sold. However, as a seller, what do you do when the house just will not sell?
First, take an honest look at your asking price. Regardless of what you may want to get for your home, you have to price for the market in your area. Emotion cannot figure into how you price your house. Potential buyers are not interested in how much work you put into the landscaping or how much time it took you to repaint the living room. They are looking at the prices of other homes in the area. With so much inventory to choose from, you have to price aggressively.
You might consider signing on with a new listing agent. Signing a short term listing agreement to market the property with the understanding that a quick sale is crucial, you might have some luck. It may be at a price lower than you would like, but statistics have proven that it may not sit on the market as long.
There are several companies out there advertising to buy your house quickly. The good news about these companies is that many are real legitimate companies that will buy your home when you are out of time to sell. The bad news is that you will get pennies on the dollar for your home. You could get around 40% less than your home is actually valued. If you have a large mortgage or liens to pay off with the sale of your home, this may not be the option for you.
If you are concerned about foreclosure,If what you owe on the home is creating the problem with selling, you should consider contacting your bank for options to help you
avoid foreclosure. A shorter option is to ask about a deed in lieu of foreclosure. With this option, you will let the bank know that you believe you will not be able to continue to make the payments, you agree to vacate the home, and the deed reverts to the bank. This saves the lender the time and significant expense involved in foreclosing on the property. Like with a short sale, there is a chance that you could still be liable for any balance due once the bank sells the home.
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About Geoff Thompson — Geoff Thompson is an Owner and Founding Partner of Express Schools, LLC. which operates online education providers Real Estate Express, Insurance License Express and License Tutor. Follow him on Twitter.