Waiting for an offer to be made on your home can be incredibly taxing and stressful – particularly if the property has been stuck on the market for a long period.
If a ‘For Sale’ sign has been outside your home for months, or even years, and there’s still no bite, perhaps it’s time to take a step back and look at your options from a fresh perspective.
You might be wondering, ‘why is my house not selling?’. Here are three alternative courses of action which could help to turn the situation around quickly for you.
If you’re looking for a speedy sale or a guarantee that your buyer won’t fall through, then auctioning your property is a safe route to take. Once the highest bid has been made and the hammer falls, the buyer must put down a 10% deposit immediately – after which they have a month to give you the remaining 90%.
Although auctions can offer you a quick house sale, you must be prepared to start the auction at a lower price than which it is currently on the market for.
Demand at an auction from multiple buyers can help to drive up the price of a property, so make sure that your property is marketed extensively in the lead up to the auction date – as this will help to generate as much interest as possible.
Sell to a home-buying service
Some homeowners may find themselves in a situation where they need a quick house sale – whether that’s due to a job relocation, inheriting a property unexpectedly or family matters – but the offers just aren’t coming in. Home-buying companies offer a genuine fast-sale service and can act as a lifeline for people who unexpectedly find themselves in a position where they need to sell their property fast.
WeBuyAnyHome is a private home-buying company, which is there to help homeowners who are struggling to sell a property or need to sell quickly. It sets itself apart from the conventional methods of selling a home (for example, through an estate agent), by providing an initial offer on your property within just 24 hours of contact – and enabling completion on your house sale in as little as seven days. So, within a few weeks, you could be packing your bag and moving onto pastures new!
Rent it out
As an alternative to selling your home, you may wish to consider renting the property out. It’s likely that you will be able to source tenants within a matter of days – unlike selling the property with an estate agent which can be a much longer, drawn-out process.
If you do decide to rent out the property, it’s important to remember that you will have to pay tax on any profit you make from the rental income. However, even if you don’t receive enough rent to cover your mortgage each month, paying a small amount of negative cash flow is much kinder to your bank account and overall capital than paying out thousands of pounds for a house that you’re not living in, or are unable to sell in the current market. Renting your house out can earn you money while waiting for potential buyers. In the meantime, house prices might rise too.
Make sure to market your property on reputable property websites. You must be willing to rent out the property for at least six months, keep the house in good repair, and have a full understanding of the legalities of being a landlord.