Tips If You Can't Sell Your House in Chicago

This is a sad reality, selling a house is not for everyone. Maybe you have been trying to sell your house in Chicago and not a single buyer has decided to make an offer to you. You’ve probably already tried several options such as reducing the price and spent on advertisement and still no buyers knocking on the door.

Fortunately, there are things you can do when your home isn’t selling. They may involve compromise. They may be less than ideal. But sometimes your situation dictates that you need to take action.

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. Also, selling your house during winter time is harder than warmer seasons because they are fewer buyers. 

If this is the case, you might be best served by taking your home off the market for a few months if you can still afford to keep paying the mortgage and wait until the market conditions get better.

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. Also, maybe you can hire a reputable real estate management company to screen tenants and hire tradespeople if repairs become necessary. You don't want midnight calls from tenants if a toilet leaks.

Take Out a New 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. 

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.

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