However, selling your previous house may not be as easy as it seems. Here are some tips on what to do if you can’t sell your house.
If you have placed a price that is too high on your house it is likely that is why you haven’t been able to sell it yet. Contrary to what most people believe, the price of your house doesn’t automatically increase from the price you bought it at. It would be advisable to consult your realtor and get them to decide which would be the best market price.
Apart from selling the house immediately, you can also rent the house to someone. This options doesn’t come without complications though. You will have to do a lot of research to ensure that you are a proper landlord. This will be from the costs of the house to the tax benefits and most of all finding reliable tenants. Imagine what a nightmare it would be if you rented your house out and did not receive any rent from the tenants!
The reason your house may not be selling could be because there is a market crash. You could decide to wait it out and see if the market price will go higher than your current price. This is a good idea because it would give you time to show your house to potential buyers. However this options does not come without its problems because one person will have to be left behind in the house while the other relocates.
If you have tried your best but cannot seem to get your house to sell or rent for the whole year, you can put it up for rent as a vacation house. You can rent the house to travelers. This will enable you to get some money while waiting to sell your house.
This should be one of your final options if all the others have not worked out for you. You can decide to sell the house in an expedited fashion at a really low price just so you can sell it. This will, however, mean that you will have lost quite an amount of money, which is why it should be one of the final options.
This option will come with consequences you would prefer not to have and should therefore be considered carefully. It should only come into play if you’re sure all other options have failed. If you allow the bank to foreclose the house, it will mean that your credit limit will be lowered or some of your credit cards cancelled. If the bank is not able to sell the house for what is owed in the mortgage, you will have to pay the remaining amount. Obviously, this will affect you financially for a long period of time.