RELOCATING AND I CAN'T SELL MY HOUSE
Get an exciting new tech job in Silicon Valley? Land an internship at a prestigious advertising agency in Chicago? Getting a new job out of state can be an exciting new adventure, but can also be a bit scary at the same time.
The biggest challenge you may face is selling your existing home and coordinating timelines with your new start date. The last thing you want is to be stuck paying two mortgage, or a mortgage and rent at the new place. Even in a sellers’ market, offers fall through all the time and can elongate the process.
So what can you do to make the transition less stressful and simply focus on your exciting new life?
Here are 4 Options to make the Relocation Process Easier:
- Significantly Lower the Price
If you you’re in a sellers’ market, where there’s limited housing inventory, then you should be in a position of power and should have several buyer offers to choose from. However, as mentioned before, offers can always fall through.
If you’re in a buyers’ market, where buyers have plenty of real estate inventory to choose from, then you need to be willing to lower the price to attract interest and sell.
No matter the market, it may make sense to trade stress for dollars. You may have built up lots of equity over the years and were hoping for a big payday, but you may need to accept less to offload the expense. If timelines are closing and the situation becomes desperate, you may need to come down significantly in price. You’ll need to weigh the opportunity cost of continually paying your monthly mortgage, or how much you lose from a lower price.
2. Change Realtors
When hiring a realtor, you’ll often go with a friend, or a friend of a friend/co-worker. This can often bring comfort and trust, but this doesn’t mean you have the best professional working for you. Realtor break ups, like everything else, can be awkward and messy.
However, if your existing realtor is not getting the job done, then don’t be afraid to make a change. Selling your home is a financial transaction and you need to make an objective decision. Don’t let things get personal.
A great realtor should be doing more than simply listing your property on the MLS. Hopefully they’re exploring all outlets to promote your property and may even have a list of potential referrals for the property.
3. Rent Out Your House
Renting out your home until it’s sold can be a favorable temporary solution. A quick band-aid until the right buyer comes along. However, property management can become a headache in itself, depending on your tenants.
Think through your situation and decide if you want to sign a short-term or long term lease. You also need to settle if you even want to be a property manager in the first place. Tenants may not care about the property as much as you and there could be wear and tear over time.
If you do plan to go this route and rent out your property, then check out our article on dealing with bad tenants. There is a downside to this if you’re sensitive to your tenants needs. Having them move in, only to uproot them once the property is sold can be quite taxing on a family. Make sure it’s a short-term lease and that they have the expectation of the property being sold.
4. Sell Your House To An Investor
If all else fails, the absolute most painless option is to sell your home to an investor. This doesn’t mean getting a silly ‘low ball’ offer like some might think. This is a situation where you want to offload your house quickly and where an investor is looking to make some money.
Savvy investors know the best deals are where you (the seller) benefit somehow. You can be relieved of your hardship and they can make a good investment. Most investor cash buyers can close quickly, purchase as is, and purchase with cash. This eliminates the lengthy process and the potential risk of a buyer’s offer falling through.
This is the least stressful of all the options. It can be a clean and quick transaction.
As you can see, moving out of state can be an exciting new adventure for you and your family. However, it can also be a stressful one if you need to sell your home. You can make the transition easier with these options:
· Significantly Lower Your Price
· Change Realtors
· Rent Out Your Home
· Sell To An Investor
Make sure it’s a smooth transition, not a painful one. Here’s to an exciting new chapter of your life!