A home sellers worst fear is not being able to sell their home. Their second biggest fear is what to do when it isn’t selling. While it may be a hard pill to swallow, you may need to remove your home for the market while the competition goes down. Take it off, and wait a few months so that the listing will be new.
You might want to consider taking out a second mortgage; this is a good idea if you can’t afford your mortgage right now. You may be able to make a deal with your lender if you have an ARM plan. Call the bank, and see what your options are, and if they would be willing to do a loan modification plan with you.
Renting out your house is a real option you should consider. While its not ideal, it brings in a steady income while your house sits vacant as you keep paying for it. This is especially a good idea if you have to leave very quickly. You can get it rented, and sort out the details of selling it later.
Hire a reputable real estate management company to screen tenants and hire people if repairs become necessary. Getting a call from a tenant at 10 pm is not ideal. Ask neighbors to keep an eye on your home and to notify you if they suspect problems.
If you’ve purchased your home within the past few years, it’s possible that you owe more than your home is worth. Talk to a realtor who specializes in short sales, as they may very well be able to negotiate with your lender to accept less than your mortgage balance.
Another good thing to discuss with your realtor about is doing a lease option; a lease option is a good idea for borrowers who can’t buy a home through the traditional financing methods, and can’t decide whether or not to rent or purchase. Also known as “rent-to-own,” this situation gives the tenant the opportunity to buy the home later down the road if they wish.
If your employer is transferring you out of town, you might want to ask about a ‘guaranteed purchase program.’ Many employers really do hire relocation companies that offer buy outs for employees. You might not even know that your employer has a relocation program if you don’t ask.