If your property is not fit for Sell2Rent, we have some solutions. First, we are sorry that we can not solve your situation. Yet, we can point you in several different directions. In this article we will explore what alternatives to look into during your house-selling journey.
Where to go if you don’t want to move out:
If you are looking for equity, there are several alternatives to leaseback agreements. Some of the more popular ones include reverse mortgages and REFIs.
Reverse mortgages are complex cash loans for homeowners over the age of 62. They allow these homeowners to access their equity by receiving money from the lender (usually a bank) instead of paying monthly payments. The bank suspends the mortgage until the homeowner moves out, dies, or stops paying taxes/insurance.
- Cash-out 50% of the home’s value
- Multiple fees and insurance to look into
- Creates debt
- You remain the homeowner.
With a REFI or Refinance, homeowners can alter their credit agreement for a new, better mortgage. REFI allows them to pay lower monthly payments. Refinancing is a compelling alternative when interest rates decrease. However, in today’s climate, refinancing isn’t the best call in many cases.
- Cash-out 70-80% of the home’s value
- Fewer fees and insurance to look into than reverse mortgages
- Creates debt
- You remain the homeowner and keep paying a lower mortgage.
Where to go if you want to move out:
If you don’t need to stay in place, ibuyers or conventional home-selling could be for you. iBuyers have grown recently, while conventional home sales still rule as king.
Opendoor or other iBuyers: Instant Buyers have grown in popularity over the past few years. These platforms automate the application process and decide whether your home is fit to be sold to them. Most have an extensive questionnaire that helps them filter the property through their back-end requirements.
Opendoor is the largest, while Offerpad is a close competitor.
- Outstandingly fast
- No need for open houses or repairs
- Below market offer
- Fees can build up after closing
Conventional Home-selling: …Or you could sell your home the old-fashioned way. Homeowners usually get more cents on the dollar this way while having the opportunity to showcase their home and sell to an actual human.
The cons of this method are that it’s the old-fashioned way. There is no instant tech robot that will approve and buy your home. With this method, you will be required to repair what needs repairing, market the property, and organize an open house for potential buyers.
We do not believe this is a bad option, it’s simply the most demanding of the bunch.
We would love to help you out ourselves, but it isn’t the right time. However, we wish some of the alternatives listed above are helpful for you.
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