Alternatives to selling a home in a slow market?

Question

My wife and I moved to a new city 3 yrs ago for my new job. I am now able to work completely remote and we would like to move back to our home town, but the realestate market here is very poor. We really can't think about a new home untill we feel confident ours will sell.

Any one have any alternates to listing and selling the home? Its been on the market for almost 4 months now.

Bridge loans do not look like that good of an idea, but any opinions on these?

Thanks in advance.

Answer 1

You have the wrong real estate agent. How long did you sign your listing for 180 days? You should have signed a 60 day lease with a 30 day roll period if you were pleased the agent was doing all in his power to sell the property. Never give more than 60 days.

Now in answer to your question about an alternative plan for your house that you want to do something with. Are you relying on this house's equity to purchase another house in your home town?

If not then I would lease it with an option to purchase (buy) Advertise this in the local paper. This way you will be able to get a small down with a known term that you can rely on. A down payment is normally between 3-5% Non-refundable even if they do not take their option.

If they refuse or can't exercise their option, you can offer them another new option with another down payment or get others on a new lease, doing the same thing over again.

If you feel comfortable leasing it for 2-3 years do so, make sure that your contract with the person leasing the property has a clause that all landscape is the responsibility of the person leasing the property. Also all repairs under $100.000 are the responsibility of the person leasing the property. Other damages will be negotiated at the time of the occurrence.

This will keep the maintenance calls down to a minimum, so you can have peace on weekends.

You can designate that a certain amount of the rent will be held toward the down payment of the property if and when they decide to exercise their option.

You can find lease agreements at Staples or Office Depot or any other stationary store. You may add or take away what you want to say or not say in the lease agreement. Specify the number of people that will be living there if you will allow pets and how long guest are allowed to stay (Normally 30 days) If you are going to leave any appliances there make sure they understand they will not be replaced at your expense.

There is nothing secret or so impeling about a lease that you would need any help in doing so. A person with good common sense can accomplish it without problems.

In your search for someone to lease your place you must interview them, find out about their ability to pay(Look at paystubs and 2 yrs of W-2 from each adult on the lease), length of time they have been on their job Telephone #, call Human Relations. to verify that they issued the W-2 as pay stubs. Ask for a couple of month of bank statements this will prove that they have enough for the down payment you ar asking for so that they may exercise their lease.

After you have found someone to lease the place, both you and them ahve signed the lease, give them a move in date, a set of keys and turn off all utilities.

I hope this has been of some use to you, good luck

"FIGHT ON"

Answer 2

When in Doubt, RENT IT OUT!!! Put the rent money towards equity in the home, which will make a GREAT credit score. Also, a good savings plan, and nest egg, with little to no work. Its a risk, but the reward far out weighs it.

Answer 3

Most markets are slow right now. Isn't it possible to drop your asking price and then low-ball the house you want in the next town? Those owners are in the same boat as you.

Answer 4

sometimes the realtor will buy it. If your home isn't too far away you could always rent this onr out or sell it on a rent-to-own basis

Answer 5

Put it up for rent

Answer 6

trade it for a red paper clip