If you’ve found yourself saying, “I can’t sell my house in Lubbock Texas,” this article is for you. Maybe you’ve been trying to sell your Lubbock house for a while now and haven’t received any offers, don’t panic! You still have a few options at your disposal to help you sell your house for a fair price.
You’ve likely already attempted the most common solution: Reducing your property’s price tag.
While most homeowners hope to profit when selling their property, certain challenges like declining neighborhood values, economic downturns, or structural issues may force you to reconsider your asking price. At Electrum Properties, we understand these difficult situations and provide cash solutions regardless of your home’s condition.
What are my options if I can’t sell my house in Lubbock?
Struggling to sell your property in Lubbock? Here are five practical solutions to consider when traditional home selling methods aren’t working:
1) Take It Off the Market
Timing can be everything when selling your home. You might be facing challenging market conditions, such as high inventory of similar properties, the slower winter season, or holiday periods when buyers are distracted.
Traditionally, you might consider temporarily removing your home from the market for a few months – if you can manage the mortgage payments – and waiting for better conditions. However, at Electrum Properties, we offer a cash solution that works regardless of market timing or conditions.
2) Take Out a Second Mortgage
If you’ve accumulated substantial equity in your home, considering a home equity loan might be beneficial — but only if your budget can handle the increased monthly payments. If that’s not feasible, you might explore renegotiating a loan modification with your lender or converting your adjustable rate mortgage to a fixed-rate option with a more favorable interest rate. The funds from such a loan could be directed toward various opportunities, including real estate investments.
3) Rent Out Your Home
Struggling to sell your property and concerned about managing two mortgages? Consider renting your current home at a rate that covers your monthly mortgage payment. This practical solution allows you to direct the rental income toward your existing mortgage without facing additional financial burden – aside from necessary upkeep, maintenance, and occasional repairs. At Electrum Properties, we understand these challenges and offer alternative cash solutions that can help you regain your financial freedom.
4) Consider a Short Sale
“I can’t sell my house in Lubbock because I owe too much!” This frustrating situation often occurs when you’ve purchased your home recently and find yourself owing more than its current market value—what professionals call being ‘underwater’ or ‘upside down’ on your mortgage.
In many cases, you can work with your lender to accept less than your remaining mortgage balance through a short sale. When facing potential foreclosure, most lenders will consider this option as it often represents a better financial outcome for them than the foreclosure process.
For a successful short sale, you’ll need a buyer who can move quickly and offer cash. That’s where we excel at Electrum Properties—we specialize in solving exactly these kinds of real estate problems with fast, cash offers. Contact us today at 806-630-0875 for a no-obligation offer on your property.
It’s important to understand that short sales will impact your credit score. Having a pre-foreclosure resolution on your credit history could temporarily affect your ability to secure another mortgage. However, this solution helps you get your freedom back financially and move forward with your life.
5) Offer a “Lease to Own” Option
A lease to own arrangement allows you to rent your property to someone with the future option to purchase your home before the lease ends. At Electrum Properties, we’ve seen this work well for homeowners who can’t find qualified buyers immediately. This solution lets you collect both rent and a lease option fee from tenants while giving them valuable time to build their down payment and establish credit, ultimately helping them secure a mortgage to purchase your home.
You can also include a lease premium on top of their monthly rent payments. This premium can either be applied toward their down payment when they’re ready to buy, or if they don’t exercise their purchase option, you keep it as additional income – creating the win-win situation that’s central to our approach at Electrum Properties.
I Can’t Sell My House in Lubbock Texas!
Ready to explore your home selling options in Lubbock Texas with a trusted cash buyer? Contact Electrum Properties today at 806-630-0875 or fill out the form on this page to receive immediate information about our fast, hassle-free solution that puts cash in your hands while helping revitalize our community.