If you’ve found yourself saying, “I can’t sell my house in Miami FL,” this article is for you. Maybe you’ve been trying to sell your Miami 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 Miami?
Here are five other things you can try when you can’t sell your house in Miami:
1) Take It Off the Market
Right now just may not be the best time to sell your house. With the raising interest rates and the current state of the market, Homestead buyers are just not able to afford a new house w. interest rates at a whopping 7% and expected to raise even higher by year’s end.
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. This is called House hacking, and it’s a tried tested and true way to alleviate the burden of coming up w/ a mortgage payment every month, Why not let someone else, a tenant does all the heavy lifting for you. 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 Seller Financing the Property
“I can’t sell my house in Miami because buyers cant afford my house” This can happen especially now because of the rising interest rates and homestead buyers simply cannot afford the higher interest rates
If your house is on market, most real estate agents are not informed and not taught in real estate school about creative financing, only traditional conventional real estate transactions. Fortunately, we have the knowledge and expertise in the market to combat the all too common scenario where if you do have a mortgage in place, you’ll keep your existing mortgage in place, and pay your mortgage on your behalf. In addition to that, we’ll also pay you your equity as well in consecutive monthly payments over time. This is a Subject To the existing mortgage transaction
If your House is Free and Clear, no problem we can structure a Seller Finance scenario where we have an easy simply conversation w/ you, You can let us know what type of down payment you’ll fell comfortable with as well as your monthly payments. We’ll structure a win-win situation that is sure to allow you to be able to sell your property and move to the next chapter of your life.
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.
We can explore doing a lease option if you think that something that may work for you. We just need to see if we’re a good fit.
I Can’t Sell My House in Miami FL!
If you are interested in learning more your options for selling your home in Miami FL, call us at (305) 590-8493 or fill out the form on this page to get more information sent to you right away.