Relocating and Need to Sell a House? Here Are Your Options!
Photo by J. Remus
Big life changes are coming, and they are a-comin’ fast! in fact, your entire life is about the be flipped upside down.
Perhaps you just got a huge promotion at your current company and, in doing so, have the opportunity to prove yourself in a new state.
Maybe you’ve been wanting to move to a certain city for a long time now and finally found the right job to justify moving there.
Whatever the case might be, you now need to sell your current house.
Here are options to consider when you are relocating and need to sell a house as quickly as possible.
Even though this is a very exciting and amazing time of your life, it’s going to be one of the most stressful moments you’ll ever go through.
You’re changing your entire lifestyle: moving to a new city/state, starting a new job, leaving your current life behind, etc. Between all the big decisions and saying goodbyes to everyone, you’ll have to sell a home.
What’s already a stressful process becomes even more so when you have a limited time before you move out of the city or state your property is in.
Because of that, you may be wanting to sell the house for as fast as possible. All that you ask is that the selling process is legal and trustworthy. If so, then selling to a cash home buyer is the choice for you!
Not only is it a quicker process, but you skip out on making repairs, avoid paying hefty realtor fees, and don’t have to worry about clean up.
It helps you close the book on this chapter of your life and sets you up for success when starting the next chapter. That way, you’ll have money to find a great housing fit in your new city and/or state of residence.
Maybe you’re in a situation where selling the home wouldn’t be the best possible solution.
What if the new job doesn’t end up working out and you want to move back? If you’re not completely sure about the permanency of your move, then selling your home right away is probably not the best idea.
Perhaps the housing market is lower than what you purchased the house for and you’re wanting to wait it out. Heck, just a few years of waiting can be the difference in tens of thousands of dollars in profit.
However, your house shouldn’t just collect dust in the meantime or you’ll be losing money in the process. One such solution for this is to become a landlord.
While this process can sometimes be a bit strenuous (such as finding the right tenants, property management, insurance), some owners find it rewarding. After all, you’ll have a rent check coming in monthly.
If you choose this route, consider hiring a property manager to oversee it for you.
Doing so yourself from another state will be nearly impossible. Get professional experience on your side for this new endeavor.
Not ready to make a yearlong commitment to new tenants? Are you thinking there’s still a small chance you’ll be back sooner than a year’s time?
If so, you should consider turning the home into a vacation rental spot.
Even if you’re not in a city you’d consider being a go-to vacation spot, there are several reasons someone may need a place to crash for the week/weekend. You can profit off of that need.
Not to mention that it’s never been easier to find people that are interested in renting out your house for a temporary stay.
Sites like Airbnb and VRBO will allow you to build a reputation around your property and what it’s like to rent from you. That can lead to more bookings than you previously thought would be possible.
Make no mistake about it, even though this is an option for you, it’s one that you should try to avoid at all costs. Still, it’s an option nonetheless.
For those that don’t know what foreclosure is, it’s when the fund lender (such as a bank) takes full control of the property that has been put up as collateral against a loan. In so doing, they evict the homeowner and sell the home for what they can get for it.
There are several consequences to allowing the bank to foreclose on your house. This includes a detrimental hit to your credit score and possible repercussions like cancellation of your credit card(s), lowering of your card limits, and not being able to get a mortgage on a future home for quite a while.
Not to mention that this won’t allow you to just forget about the house and move on with the next phase of your life. That’s because the bank may still want you to pay the difference between what’s owed on the mortgage and the amount of money the bank gets for selling it.
Relocating and Need to Sell a House? Consider Your Options Carefully
Even though you’re relocating and need to sell a house as fast as possible, be sure to weigh out all of your options carefully.
This is a huge moment that will play a role in how well the next phase of your life starts out. Either you’ll be setting yourself up for success or dealing with a whole bunch of headaches.
If you’re behind on your payments, be sure to read this article on tips to stop foreclosurefor more information on how to save your credit score.
For more inquiries, please feel free to reach out via our contact us page and we’ll be happy to assist you further!