If you are having difficulty selling your property in Langley, British Columbia, this is the article for you. Perhaps you have been attempting to sell your Langley house without any luck, but don’t worry! There are still some choices that are available to you to help you get a reasonable price for your residence.
It is very likely that you have already attempted the first option at least once: Decreasing your listed price.
Everybody wants to sell their house for more than they paid for it but with the housing market is changing as Bank Of Canada increased interest rates in 2022. The economy is changing, or does the house you selling has some sort of structural or locational problem, you may have to reduce your asking price.
What are my options if I can’t sell my house in Langley?
Here are five other things you can try when you can’t sell your house in Langley:
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. 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.
Firstly, you can look into companies that offer to buy your house fast. These companies specialize in buying homes quickly, so they can often provide an all-cash offer in as little as a few days. It might not be the same amount as you’d get if you waited and sold the house on the open market, but it’s still a good option if you need the money quickly. Read this Blog
2) Take Out a Second Mortgage
Taking out a second mortgage is a great way to pay off your existing mortgage, fund home improvements, or purchase a car or vacation. With a second mortgage, you can borrow up to 85% of the value of your home, so you can get the funds you need and use them for whatever you like.
It’s important to note that taking out a second mortgage does come with risks – your home is used as collateral for the loan, so if you default on payments, you could lose your house. That being said, it can be a great way to gain access to funds without having to sell your house. If you’re looking for a way to access funds without selling your house privately, taking out a second mortgage could be the perfect solution. Just make sure to read the fine print and do your research before committing to a loan.
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.
This is a great option if you’re not in a rush to sell and want to make some extra money from the property. Another option is to rent out the house. This can help you make some extra money while you look for a buyer. You can also consider listing your house on a home-sharing platform, like Airbnb, VRBO. This can also help you make some extra money while you wait for the right buyer.
Whatever option you choose, it’s important to do your research and make sure you’re getting a good deal. With the right help, you can find the best way to sell your house in this difficult market.
4) Consider a Short Sale
“I can’t sell my house in Langley 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. Companies that specialize in quick house sales can purchase your property in as little as seven days, allowing you to move on to your next home. Fortunately, we can! Give us a call today at Let's Talk: +1 (778) 744-4277 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 when you rent your house to somebody with the option to purchase your home at or before the lease expires. This is a good option if you can’t find qualified buyers because you can collect rent plus a lease option fee from a tenant while giving them time to save up for a down payment and establish their credit so they can get a mortgage to buy your home down the line.
You also can add a lease premium to their monthly rent that can either be applied to the down payment later or – if they don’t end up exercising their option to buy your home – you can keep it as income.
We Buy Houses in Langley BC!
If you are interested in learning more your options for selling your home in Langley British Columbia, call us at Let's Talk: +1 (778) 744-4277 or fill out the form on this page to get more information sent to you right away.