If you’ve found yourself thinking, “I can’t sell my house in Augusta, GA,” then this article is here to help. Perhaps you’ve been trying to sell your home in Augusta for some time now and haven’t received any offers. If that’s the case, don’t panic! You still have a few viable options available to help you sell your home at a fair price, even if things aren’t going as smoothly as you’d hoped.
One option that you’ve likely already considered—and possibly tried—is lowering the asking price. It’s a common strategy when a home isn’t attracting buyers. After all, everyone wants to sell their home for more than they paid for it, but sometimes market conditions or property-specific issues can make that difficult. If housing prices in your area have dropped, the local economy isn’t thriving, or if your home has some structural problems or is located in a less desirable spot, you might find that reducing the asking price is necessary to make your property more appealing to potential buyers.
While it can be tough to lower the price of your home, especially if you’ve invested a lot of money into it, sometimes adjusting your asking price to align with the market conditions is a strategic move that could lead to the right buyer finally making an offer. Don’t worry—there are other strategies you can explore to help get your house sold. Let’s dive into a few more options that could work for you.
What are my options if I can’t sell my house in Augusta?
Here are five other things you can try when you can’t sell your house in Augusta:
1) Take It Off the Market
You may be trying to sell your home at a bad time, such was when there are a lot of other houses just like yours on the market, during the winter months, or during the holidays.
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. 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 a Short Sale
“I can’t sell my house in Augusta because I owe too much!” This can happen if you purchased your home within the past few years and currently owe more than the home is worth (called being upside down).
In some instances, you can negotiate with your lender to accept less than what you owe on your mortgage. If it looks like the other option is foreclosure, your lender probably will accept a short sale.
To do this, you’ll need to have a buyer on board who can close quickly. Fortunately, we can! Give us a call today at (706) 389-5419 for a no-hassle offer on your house.
Keep in mind, however, that short sales can affect your credit. Redeeming a pre-foreclosure on your credit history might disqualify you from getting another mortgage, at least for a little while.
5) Offer a “Lease to Own” Option
A lease-to-own option is a unique arrangement where you rent your house to a tenant with the opportunity to purchase the property at or before the lease term expires. This option can be particularly beneficial if you’ve been struggling to find qualified buyers, as it allows you to generate rental income while giving potential buyers more time to save for a down payment and improve their credit scores in order to secure a mortgage for purchasing your home in the future.
The advantage of a lease-to-own agreement is that you can collect both monthly rent payments and a lease option fee. The lease option fee is typically a one-time upfront payment that grants the tenant the right, but not the obligation, to purchase the property later on. Additionally, you can include a lease premium in the tenant’s monthly rent. This premium is an extra amount added to the rent payment, which can either be credited toward the buyer’s down payment when they purchase the property or, if they ultimately decide not to buy, you keep that premium as additional income.
This approach gives the tenant a path to ownership while providing you with steady cash flow. It also keeps the possibility of a sale open, which can be particularly helpful in a slower market or when you’re unable to find an immediate buyer for your home. Whether they decide to buy or not, the lease premium and option fee offer a financial cushion, making it a win-win situation for both parties.
I Can’t Sell My House in Augusta Georgia!
If you are interested in learning more your options for selling your home in Augusta GA, call us at (706) 389-5419 or fill out the form on this page to get more information sent to you right away.