If you say to yourself:
“I can’t sell my house in Montreal, Quebec”?
this article is for you. If you’ve been advertising your Montreal home for some time and haven’t received an offer, don’t worry! You’ll be able to sell your home at a good price thanks to these alternatives.
You’ve probably already made use of one of these alternatives:
reduce your selling price
.
Every homeowner wants to sell their home for more than they paid for it. However, if your neighborhood’s real estate values are currently low, if the economy is in trouble, or if your property’s foundation (or location) is problematic, you may have to reduce your selling price.
What if I can’t sell my home in Montreal?
Here are 5 options you can use when you can’t sell your Montreal home.
1) Take your property off the market
Perhaps you advertised your home for sale at the wrong time, i.e. when there were several similar homes on the market, during the winter or during the vacations.
In this case, it may be worthwhile to take your home off the market for a few months and wait until conditions are more suitable (provided you’re able to pay your mortgage in the meantime).
2) Take out a second mortgage
If you’ve already invested a lot of money in paying off your mortgage, you may be able to take out a home equity loan (provided you’re able to pay a higher monthly amount). If you can’t afford these payments, you may be able to renegotiate the terms of your mortgage with your bank. The money raised can then be invested elsewhere, in the real estate market for example.
3) Rent your home
If you can’t sell your house and you don’t want to (or can’t) take on two mortgages at once (i.e. your old one and your new one), you may be able to rent your house for the price of your mortgage (or close to it). This would allow you to pay off your mortgage without any additional costs (except for maintenance and renovations, of course).
4) Sell short
“I can’t sell my Montreal home because I owe too much on my mortgage!” This situation arises when the amount you owe on your mortgage is higher than the actual market value of your property.
You may be able to negotiate with your lender to pay back less than you owe. If taking over finance seems to be the only other option, chances are your lender will approve a short sale.
For this to work, you’ll need a buyer who’s ready to close quickly. Luckily, you found us! Call 514-320-1000 today to receive a quote.
However, you should be aware that a short sale will leave a mark on your credit report. An impending financial recovery could prevent you from taking out a new mortgage for some time.
5) Offer a rental contract with purchase option
A rent-to-own contract allows you to rent your property to someone who, in turn, has until the day the rental contract expires to decide whether or not to buy it. This option allows you to collect rent. It also gives your buyer a certain amount of time to save up for the down payment and/or to improve his or her credit rating, so that he or she can obtain a mortgage that will enable him or her to buy your home.
You can also ask for a little extra to be reinvested in the down payment if he buys your property. If he decides not to buy, this extra will turn into income that you can pocket.
I can’t sell my house in Montreal, Quebec!
If you’d like to learn more about the different routes you can take to sell your home in Montreal, Quebec, call 514-320-1000 or fill out this short form to chat with us.
