I Need To Sell My House – What To Do If I Can’t
What do I do if I can’t sell my house? Kris Krohn, Limitless TV and I get this question all the time in the comments. I know that some of you are trying to sell a house because there’s a need to or there’s a financial hemorrhage going on and I want you to know that in today’s video, we’re going to be providing some answers and we’re going to provide some really awesome solutions. I don’t know if you can hear that but we totally got the cleaners upstairs that are that are cleaning the house so we might have a little bit of vacuum sounds going on in the background, I hope that doesn’t bother you too much. What we’re going to be doing today is, we’re going to be talking about what do you do when you have a house you can’t sell. We get this question all the time, it’s common where I’ve got this house, I can’t sell it and first of all, I want to talk about some of the different reasons why people are struggling and actually in this situation in the first place because it can often be a byproduct of, I didn’t have a plan or the market did something I didn’t plan for. Steven, you know, with you running the back into the entire real estate system, I know that you work with people on a pretty regular basis that have a home and they perceive and need to sell it, what are some of the reasons why people become don’t want or need to get out of the house? – First, so first of all, I want to talk about, you don’t ever need to sell a home when the market’s bad, right? That’s a bad decision. – That’s actually the opposite of what you want to be. When everyone’s selling you should be, what.. – Yeah, you should be holding on to the right or buy. So the reality is, if you think you need to sell your home, chances are you probably don’t need to sell it, you just need to find a different option. So I want to just challenge your thinking for a second, right, what if I need to sell my home or what if I I want to sell it but I can’t sell it, well the real answer is, you just don’t sell it, you just hold on to it, as a matter of fact, when markets go down, if your home is in a lease option or a rental and the market kind of starts to tank a little bit, you’re actually in a better position than you were before because although your equity that home, may it look like on paper that it’s leaving, it’s going away, the reality is, demand for your home’s going to go up because people can’t qualify for a homes with the bank so they have to get into your property. – But I want to push back, Steven. Some people say, “I’m in a bad financial situation” or “There’s equity in my house” or “I got this house and I can’t cover the payments” So sometimes people will look at their struggling financial situation or a house just have some extra repairs and it’s like, I can’t afford to keep this house so I can’t sell it in the market and I’m financially struggling, what do you tell that person where it’s not about the market, it’s about their personal market? – Great so there’s a couple things. Number one, if you keep that home in a normal rental market, it’s probably not going to be the best thing for you but we talked about lease options a little bit, right? The lease option is a wonderful solution if you’re in a financial pinch and let’s just say that you need an extra $2,000 or you need an extra $5,000 or even extra $10,000, a lease option is a perfect scenario for you because what a lease option allows you to do is to collect this initial money right off the bat and click more than your typical rental would be anyway. – If you don’t know the lease option is, check out some of the lease option videos on our channel so that you can get an explanation of what that is but essentially what Steven is saying here is, if you need to hold your house and the market is telling you, we’re not going to buy it from you at the price that you need or want, then you need to hold it. So instead of losing it, hold it in the most intelligent way. Right now on a lease option, on a home, a single-family home purchased at or below the median, there’s usually a $40,000 difference between renting and doing the lease option because like Steven said, you can collect a $3,000, $5,000, $7,000, $10,000 down payment, you’re going to collect a higher rent so if you were renting it for $1,300, you can probably lease option it for $1,500, that extra cash flow can create that breathing room of, I’m not going negative, I’m not losing money, I collected a down payment, I got someone taking care of the house, they’re actually doing all the maintenance on it, it actually manages mostly itself, I can breathe again and then sell that house at the right time later in the market or you can wait for a rebound, you can wait for the market to come back but you get to be positive on your cash flow. – So one thing that people often say is, “Well what if I’m upside down in my house? I need to get rid of my house or I feel like I need to but I’m upside down.” – That is the worst time to be thinking, “Oh I’m down in the market, I should sell.” – Please don’t, like please don’t sell off your upside down in your home but the reality is, the lease option done right also accounts for that type of a scenario. – Well just think about it, man. Every 15 years, the market is going through its ups and its downs. In time, it will correct itself. How can we say that with confidence over the last 3,000 years? I’ll tell you, they’ve been tracking it and it’s because we keep doing this thing called making babies. Population increases and it always creates more demand. We might be in a market right now where at one point in the market, it’s like there’s not enough houses and we’re building like crazy but you know what always follows that? Too many houses and not enough buyers and that’s when people start getting skittish and fearful, the market goes down, they want to take, they want out. I’m like, don’t sell the house, manage house. This is part of knowing how to manage your assets so really the message that we’re sharing today is, if the market will not take your house and a price you need for it to go for, then you need to hang on to the house – get creative – but do it strategically and watch one of the lease option videos because we’ll share with you the most intelligent way to do that and we even have a course that will show you, give you the contracts, show you how to market it, it’s really simple, we create so many successes with this system and so if you’re in that position where you’re thinking, “Man, I really need to get out of this.” Maybe you don’t, you might fast forward five years and say, “Whoa at that time, I thought it needed out but I ended up making $30,000 out of a lemon situation, I turn it into lemonade and thirty thousand dollars is way better off where I was fighting.. – I want to say something crazy here for just a second. – Give them a bonus okay. – This is a bonus. What if you’re upside down in your home, you can no longer afford your payments so you need to downsize. Now for often for people, they think, I used to get rid of this home, I need to get it off, get it out of my mind, I need to move on and move out.. – Because of the fear and the scares, how am I going to pay for it – Here’s an idea.. If you can’t qualify to buy another home, what if you, what if you downsized, what if you rented for a while and now what if while you’re renting, you turn that home into a lease option? – Well and you can actually get your own self into a lease option. – You can absolutely do that. – And at the same time, so your own house and before you notice like, man, I reduced my payments, I increased my profitability, I’m way better off. – Yeah, all of a sudden, you thought you were down because maybe you had a decrease in monthly income or whatever the case is but now all the sudden you’re able to maybe make up some of that, maybe make up a lot of that and put yourself in a situation where five years down the road, you’re not only a little bit better off, you’re way better off. – So if you are in a situation where you need to sell your house and you don’t know how and you want to make that extra forty thousand gain that we’re talking about, make sure you click the link here and we’ll go ahead and have one of our team, it might even be Steven Miller or myself that reaches out to you and actually shares a gameplan for a very real solution to take a stressful situation and turn it into a beautiful profitable situation.I hope this provided some really good optional solution for you on what you can do. The lease option truly is an amazing way to go click the link so that you can learn more about it. Otherwise, subscribe and join our Facebook channel. Oh my heavens, Facebook is the place for us to meet up, it’s a place where I’m doing a lot of real time and life videos, it’s a place to find partners and introduce partners, it’s a place where I can share deals with you, if you want to get way more hands-on in real estate then you know what? Come find us on that Facebook page.