Can't Sell Your Home? Try Something Else

Check out what MainStreet has to say about selling your home. Check out what ex-gab hostess, Rikki Lake had to say about her home and in the worse case scenario how to bounce back from homelessness.

From THESTREET.COM:

If you're stuck with a piece of property you can't sell, there's still hope.
Instead of risking foreclosure and ruining your credit if you can't pay your mortgage, there are other options to consider. Here are a few of them.

Renting out your home

Renting out the home "is a trend we've seen growing in the past year because the market has slowed considerably," says Maurice Ortiz, marketing director for The Apartment People, a full-service real estate brokerage in Chicago.

Owners, developers and investors whose properties haven't sold are finding that having tenants can mitigate some of the costs.

"Why keep the property vacant when an owner can get some money out of it by renting?" Ortiz adds.

We're dealing with investors who have bought properties to flip and now can't sell them," he continues, as well as owners "who bought a place and now can't afford it anymore."

According to Ortiz, some developers and investors will list a property for sale and for rent at the same time, and whichever effort bears fruit first is the way they'll go.

Tips

The lease should have a cancellation clause built in to protect both the investor/developer and the tenant. It's wise to stay away from a lease without a cancellation clause because the owner could void the lease with little or no notice.