5 Options to Consider if You Can’t Find a Buyer

Selling a house can be difficult if there are too many houses in the market. If you have a home for sale, you probably already know how difficult it is to find a serious buyer in the existing real estate market scenario. Now, in case your search for a buyer is taking longer than you expected, here are a few options you can consider:

Rent the house 

Renting allows you to generate some income from a property that has been in the market for a while. Of course, you can't make a lot of money by renting, but this is definitely an option you can consider if you feel that finding a home buyer is taking longer than usual. What's more, if you place it on rent for long enough, the market conditions in your locality may improve. People who hold on to their property during a slump will be able to sell it for a higher price when the economy recovers.

Not every seller will want to rent his house. They suspect that the renter will not take proper care of the property. What's more, renting your house to the wrong person can invite a lot of trouble. Evicting a problem renter may take many months and cost a few thousand dollars.

Lease the house

Leasing your home is another option you can consider. When you lease your house, you will receive an extra fee besides the standard monthly rent. Of course you will have to sell the house to the renter at a later time in the future for a pre-determined price. Now, in case the renter decides not to buy the house later, you can keep both the rent and the extra fee.

Rent the house for short periods

If your house is in the vicinity of a tourist spot, you can consider renting it for short periods. Some companies also rent homes to provide accommodation to their non-permanent employees. In popular tourist areas, you can find brokers specializing in short-term rentals.

Sell the house to a realtor 

Some big realtors buy homes and later sell them for a profit. Since they have huge cash reserves, they will have no trouble holding on to the property until they find a good buyer. However, you can't expect these buyers to offer a good price. You may consider this option only if you are desperate to sell or are willing to accept a lower price.

Short sale

This is the least attractive of the five options we discussed here. Lenders want to avoid foreclosures at any cost. So if you are unable to pay off your home loan, the lender might even consider selling your home for a price less than the actual value of your loan. This allows the bank to get a bad loan off their books. They also save the expenses involved in the foreclosure process.

The bottom line

Depending on the market conditions, finding the right buyer may take a year or more. None of the options discussed in this article are ideal; nonetheless they allow you to generate some income while you are still holding on to your property.

Remember, you can always rely on a free home valuation report from Neighborhood IQ to help you in the selling process. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.