You might have faced a situation in which you tried to
sell your property but failed. A buyer comes to have a look at your property
but gradually loses interest. Or he simply denies buying it. You face so much
of disappointment, but have you ever tried to know the reasons behind the
refusal of the buyer? If not, you
should.
There are numerous reasons behind the clear refusal or
the losing of interest by the buyer. Today, we will tell you about some of the
very common reasons behind the rejection of your home and not only this, we
will tell you what you can do if you are still unable to sell your home.
As they say, timing is everything, and that could be
especially true in the case of real estate market. While showcasing your home
in for sale, there are factors that need to be considered, and one of the most
crucial factors is the market trend. Are you selling in a buyer's market? Then
maybe you want to put that selling to a pause and wait until the inventory
turns to your favour.
Offer
your home on a lease option
If an outright sale is not turning out for you, then
discuss with your real estate agent and consider doing a lease option. This is
especially applicable for those who are not fully qualified to go through
conventional financing. It will help with your negative cash flow as it pays
you higher than a regular rent payment.
If you must move, renting your home for 1 or 2 years
is considered as the best option, says Manisha Thakor, a chartered financial
analyst and personal finance professor at Wellesley College.
Landlord eager to move also can bid a rent-to-buy
option on their house, which allows buyers to have an in-house experience of
the residence before committing to mortgage.
While it's attractive to buyers, but for sellers this
deal is not much profitable as they might have to sell the property in future
on todays low cost. "It's a last resort option," says Michael
Corbett, author of "Before You Buy," and a spokesman for Trulia.com,
a real estate sales website.
Do not worry if you cannot rent your Property In Noida Greater Noida and other
cities like Ghaziabad on a
long term lease, you can rent it for shorter period if you want to offset the
carrying cost. You can list your home as vacation rentals or individual homes on
websites like AirBNB.com and VRBO.com suggests Thakor. Even if you would rent
your property for one weekend per month it would be enough for offsetting mortgage
payments, she says.
GIVE
IT AWAY, TEMPORARILY
Another innovative answer for homeowners is to donate
the home, temporarily, to a non-profit donation that could use it for offices
or alternate housing. The charity could use the home for a couple of years,
protecting it from sitting empty. Tax deduction is given for the charitable
donation, so this could also be an option to choose. But that deduction won't
be as big as rent you'd get otherwise, & "you probably will need to pay
lease somewhere else," reminds Corbett.
Of course, if you do rent or lend the property for a
longer period of time, you might need to spend a lot of money on furnishes and
fixtures before you put it back on the market.
