It was the perfect house in one of the most sought-after locations in London for one of the most high profile celebrity couples. Jemima Khan and Hugh Grant had been rumored to be getting married, and bought a huge house in Chelsea for £18 million.
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They allegedly spent £2 million sprucing it up, and then just when they were ready to move in, Khan got an offer to sell that she "couldn't resist." She was poised to make £10 million off the deal. But then the deal fell through, and since then, she's had to slash the price from £35 million to £26 million.
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Tough times even for the rich and famous, huh? Of course, most of us are not talking millions of pounds, but when it comes to the difficulty of selling a house, all is fair, especially if what you want is to sell house quickly. According to Hometrack, it now takes an average of eight and a half weeks to sell a home - that's usually through an estate agent, which is still the most common way to sell a house. What do you then when your house just won't sell? Here are six alternatives.
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1. Sell to a cash home buyer.
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It's a sure fire way to turn one of your most valuable asset into cash. If you're beating your brains out trying to come up with ideas on where to get the money for next month's mortgage, or to pay off your mounting credit card bills, then sell house quickly to a cash home buyer. If you're going through a divorce, relocating, or are facing repossession, you probably need to sell house quickly as well. This service is for you.
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2. Refinance.
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If you think you can afford a higher monthly payment, then you might want to consider taking out a home equity loan. You may also want to try negotiating with your lender to convert your adjustable rate mortgage to a fixed rate mortgage, especially if the interest rate has soared to a level that you can no longer afford.
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Borrowing more money is a dangerous call though, so think it through. Make sure you get sound professional advice, maybe from a tax accountant or an estate lawyer, before you decide to take out a new mortgage. Be careful not to talk to estate agents who may only want to cash in on your situation.
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3. Don't sell just yet.
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Perhaps it's not the best time to sell your house. If you can wait, it could be best to take your home off the market and wait until there are fewer homes for buyers to choose from. Also, it is typically better to sell during springtime or during warmer months as the market is filled with more buyers. Avoid selling during the holidays because buyers will expect bargains, and in the midst of all the holiday madness, you may not be able to think straight while negotiating.
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4. Take in a boarder or rent out your entire home.
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A good way to ease your financial burden, if you can't sell your house fast, is to take in a boarder. It's not going to cover the full mortgage, but whatever the rent is, it will count for something. If you're relocating, for a job or for any other reason, then you might want to consider renting out your house. Of course, you run the risk of not being able to sell it in mint condition, but in the end, it may be worth it.
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If you do decide to rent out your house, you may want to check if your homeowner insurance policy will cover it vacant for more than 30 days, and it is advisable to insure only the structure and not the contents. It's important to draw an agreement and have a lawyer look at it. Before renting it out, make sure everything's relatively in tact. You don't want to get calls about a leaking pipe or a damaged wall every other day.
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5. Offer your home on a lease option.
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If you can't sell your house fast, and you don't want to rent it out, then the next best thing for you is to lease it. You don't get the entire cash value of your house, but what you'll be getting monthly is typically higher than a regular rent payment. This also gives your prospective tenant the opportunity to buy the house later at a predetermined price. They may be undecided on whether to buy or to rent. Living in it can help make a better decision, and if they do decide to buy soon, then good for you. Plus, more often than not, a potential future owner will take better care of the house.
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6. If you're being relocated by your company, ask if they offer property buy outs.
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Some companies offer their employees a guaranteed purchase program, that is to say that they hire relocation companies to offer buy outs for  employees they are transferring to another city or country. Ask your company about it, it never hurts to ask.
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