What to Do When Your South Tampa Waterfront Home is Not Selling
You decided to put your
South Tampa home for sale. However, the “For Sale” sign on the front lawn has
been there for several months now but you are still not getting any offers.
You also spent on
advertising and dropped the price several times, yet still no one is interested
to buy it. You’re worried because the listing for your South Tampa waterfront home for sale will be expiring soon but you are not getting any offer.
What alternatives do you
have left when your home is not selling?
1. Take Out a New Mortgage
If you are selling your home
because of financial needs, it may be more sensible to get a second loan,
provided that you have the capacity to pay a higher monthly amortization. If
you have an existing home loan at an adjustable rate mortgage (ARM) and the
higher interest rate makes it difficult for you to make the monthly payments,
you may try to renegotiate a loan modification plan with your lender or convert
your ARM to a lower interest fixed-rate mortgage.
You should also meet with your
tax accountant, real estate lawyer or trusted financial adviser before you make
the final decision on refinancing your mortgage or taking out a second
mortgage.
2. Rent Out Your Home
Some homeowners need to sell
their home because they got a new job and need to relocate to new area.
This means they would have
to leave their home behind. If this is the case, you can rent out your home so
it generates income for you. At the same time, someone will be there to
maintain and take care of your home while you are away.
While the rental fee may not
be enough to cover your mortgage payment, but a small amount of negative cash
flow every month is definitely easier on the pocket than paying thousands of
dollars for an uninhabited home.
3. Consider a Short Sale
If purchased your home at
the height of the real of estate market, it is possible that you owe more than
its current market value. Discuss the consequences with a real estate lawyer or
a South Tampa area real estate agent specializing in short sales. They will
also help you get qualified for a short sale and approach your lender to accept
a short sale.
4. Offer Your Home on a Lease
Option
Lease options are more
appealing to homebuyers who are not qualified to purchase a home through
regular financing or buyers who are interested in your home but cannot decide
whether to buy or rent. A lease option will also give the tenant the
opportunity to purchase your home at a predetermined price after a specific
period of time. Furthermore, payments for the lease options are higher than the
normal rental fee, which means more income for the homeowners to cover their
mortgage.
Make sure to talk to a South
Tampa area real estate agent about offering your home on a lease option instead
of selling it.
5. Ask Your Employer About
Relocation
If you will be relocating
because of the nature of your work or you got promoted, you may want to ask
your employer about a guaranteed purchase program. Your employer may be hiring
a relocation company that will offer a buy out for their employees. You’ll
never know if you do not ask.
There are many alternatives
available for you in case your South Tampa waterfront home is not selling. It
would be best to discuss this with your real estate agent to find out which
option is best for you and your current situation. You can also visit
http://www.TampaTodayRealEstate.com if you need help in the listing of your
South Tampa waterfront home.
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