What To Do If You Fail To Sell Your Property?

Since you were trying to sell your property in a slow market, you did all it takes to make things work. First of all, you quoted a moderate price, putting aside your personal opinion that a larger sum could be earned through the sale. You spend a considerable sum to renovate the property, you hired a well-known broker and did several other value additions also to sell it quick. However, your long-held notion that a good property will sell itself irrespective of the market condition got a rude shock since you failed to find buyers willing to give you the right money.

Now, what are you options? Since lowering of prices in the first instance did not really work, you rule out going for further cuts. There is only so much reduction you as a seller can go for, anyhow. They say, if a property is on the market for a long time, chances of it finding a buyer also fail. In two minds, you do not know what to make out of the situation? Let us try to find an answer to your problem.

Stay put: In case it is a self-occupied property and you plan to move to a bigger house, you could put that plan at the back-burner. While in many cases where the seller is in urgent need of money staying put may not be an option, we would suggest that you wait a little longer. Make use of your other resources to handle the emergency if the property must be sold to meet an unwarranted situation, rather than taking a monetary hit by going for a distress sale. You could go for reverse mortgage.

Rent it out: In case you are not staying in this property, it would be the best to find a short-term renter to breeze through the waiting process. This would help you in two ways. First, you will not have to bear the monthly maintenance cost. Second, you would also be earning a monthly income on your investment for the time being.

Rework your strategy: Typically, a seller initiates the process of investment offloading according to their own suitability, and rightly so. However, we are dealing with an asset here worth of which is primarily determined by outside factors. This calls for a change in your selling tactics. Take the property off the market for a while, rework your strategy, this time keeping in mind the market condition, and come back with a wiser and more effective plan.