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Many of my sellers (including short sellers) frequently ask me what will happen if no one is interested in buying their home. I’ve always been surprised to hear this, as there is simply no such thing as a home that won’t sell. There are only homes that won’t sell at their current price.
ANY HOME WILL SELL AT THE RIGHT PRICE!
Assuming a home has been properly marketed, you always have two options when facing lack of buyer interest:
IMPROVE THE PRICE: If condition can’t be improved (for example - the house is already in excellent condition, or there are no available funds or manpower to address condition issues), then price can always be improved.
But what if there is not enough equity to lower the price and still be able to sell? If you can’t sell the home for enough to meet the debts associated with the property you can:
- Choose not to sell now
- Bring funds to closing to get out of the house
- Consider a short sale if you need to sell now and lack the funds to get out of the home.