I Can’t Sell My House In Toronto Ontario… Help!

Have you been trying to sell your Toronto house for a some time now and haven’t gotten any offers? Have you found yourself saying, “I can’t sell my house in Toronto Ontario,” ? Don’t worry, here’s some good news! There are still some alternatives available to you to help you sell quickly and for a fair price!

Of course the first option is: Lowering the asking price.

Everyone is looking to sell their house for top dollar. However, home prices in your area may have dropped recently, the economy may be facing some challenges or perhaps there are repairs required or structural issues with the house. In these case, you may have to reduce your expectation on selling price.

What are my options if I can’t sell my house in Toronto?

Let’s take a look at five options available to you when you can’t sell your home in Toronto:

1) Take It Off the Market

You might have your house on the market at a bad, such as during the winter, in the middle of the summer when everyone is on vacation or during the holidays. Another challenge might be oversupply – too many homes listed in your area at one time.

In this case, you are probably better off by taking your house off the market for a month or two if you are able to continue making mortgage payments. After a few months, when there is less supply, more demand or market conditions improve, place your home back on the market. As a rule of thumb, spring and fall are often the best times to sell your house on the market.

2) Take Out a Second Mortgage

If you have built a lot of equity in your home, you might consider a second mortgage or a home equity line of credit. This could come in handy if you needed some cash for other expenses or opportunities and would also making renovating a plausible alternative to a new house. Of course the main consideration is ensuring you’re able to pay the higher monthly payment. Alternatively, you may be able to refinance your existing mortgage at a lower rate or convert your variable rate mortgage to a fixed one at a lower rate. Remember, the loan can be used to fund other things, including real estate investments.

3) Rent Out Your Home

If you are unable to sell your home and want to avoid paying two mortgages (your old house and your newly purchased home), one possibility would be renting out your old house at a price similar or greater than 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. In some cases, you may even have a surplus at the end of each month – CASH FLOW!

4) Consider a Short Sale

“I can’t sell my house in Toronto because I owe too much on my mortgage!” This can certainly happen if you purchased your home at the peak of the market within the past few years and currently owe more than the home is worth (called being upside down). Another obstacle is the high mortgage penalties, especially on private mortgages, which may create a challenge when it’s time to close on the sale of your property.

In some cases, you are able to work with your lender to pay less than the remaining balance of your mortgage. If the lender’s only other option is foreclosure/power of sale, there is a good chance they will consider accepting a short sale.

In order for this to work, you’ll need to have a buyer willing to purchase the property who can close quickly. Fortunately, we can! Give us a call today at 647-490-1334 or fill out the form on this page for a no-hassle offer on your house.

Keep in mind that a short sale can negatively impact your credit and present challenges when applying for a mortgage in the future.

5) Include a “Lease to Own” Option

Lease or “Rent to Own” 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 alternative if you’re having trouble finding a buyer with enough money for the downpayment. With Rent to Own, you’ll be collecting rent plus an additional fee, which gives the tenant the option to purchase their home at a later date once they’ve saved enough for a downpayment and established their credit.

Another benefit is that you can add a lease premium to their rent that can fully or partially be applied to the down payment when they purchase the home. In the event that they don’t exercise the option to purchase, then you keep that premium as income!

I Can’t Sell My House in Toronto ON!

If you are interested in learning more about your alternatives for selling your home in Toronto Ontario, call us at 647-490-1334 or fill out the form on this page to get more information sent to you right away.

 

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