By: Jerika P – i-Lead Realty Social Media Manager
If you are stuck with a house that won’t sell, there are many different options available to you. It may be difficult to move on from the property, but a strategy needs to be developed and implemented in order to turn it into a positive financial outcome. Here are three of the most popular options for getting rid of a property that won’t sell.
1. Short sale
A short sale is ideal if you owe more on the property than it is worth. You need to get approval from the lender and work with a realtor to set a price below the mortgage balance. This option takes some negotiations and paperwork and can take some time, but it’s a great way to get rid of a house that won’t sell and eliminate the debt.
2. Turn it into a vacation rental
This is a great option if you have a prime location that attracts a lot of tourists. You can list your property on websites like Airbnb and the rental income can be a great way to get some income from a property that won’t sell.
3. Re-upload
Sometimes timing is everything. Sometimes you have to take the home off the market and upload it again once its a better season. This can take patience and isn’t the best for sellers in a time crunch, but if you don’t like the other two options, this may be your best choice. Always remember to consult your real estate professional on strategies and plans. If you have a good realtor, they will be able to develop a strategy to get your home sold.
If you are searching for a Real Estate Professional or would like to learn more, you can contact us here.
Not sure if you want or need to use a realtor? Here are 4 reasons why you should. Watch the video here