Your house is currently on the market and you have not received an offer, or at least an offer that comes close to your asking price. Is renting your home a viable option? A seller should take many factors into consideration. Often putting the home up for rent is a short term fix for the seller. Their line of reasoning is that prices in their area will eventually go up, the right buyer will come along, or if put on the market at the "right time of year" things will go their way. Sellers, however, often fail to realize hidden expenses that will incur including possible legal issues, liability insurance and an increase in insurance, wear and tear on the home, and repair/updating after a renter moves out. In most situations the seller is just delaying the inevitable and often finds out that keeping the house listed and selling at market value was the best choice.
Probable outcomes for renting your home are discussed by Hank Miller here: Renting Your Home When Your House Doesn't Sell
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