You’ve been presented with a fantastic opportunity – a well-deserved promotion at work. There’s one catch, though: you’ll need to relocate.
You have a small window of time and must quickly get settled. This can be an issue if you’re an existing homeowner.
Will your home be listed on the open market with the intent of a fast sale? Or will you get short-term housing in another city, vacating your residence while attempting to get it sold? Should you consider hiring a home investor?
You’ll need to determine the answers to these questions, but there are several things to keep in mind prior to making your choice.
What is the condition of your home?
Don’t fool yourself. Does your home warrant repair work? If not, then a decent cleaning and some floral arrangements should be enough to get the home sold fast.
That said, if your home has substantial repair issues, you must have them fixed or get someone to buy the home as-is. Do you have enough money to have those issues fixed right away? Are they big repairs or small ones?
Be certain. Obtain a home inspection for an estimate so you have specific numbers to work with prior to making your choice.
Are you in good financial shape?
Can you pay a mortgage, rent, or maintain a couple of mortgages at the same time? Will your company offer you a bonus or help with moving expenses?
Consider all the expenses that come with maintaining a pair of properties – you will require home insurance for the residence you’re moving from. You must also cover the costs of landscaping and lawn services. Utilities will likely need to be paid for as well.
You may be able to answer some of these questions by having your home rented out, but ensure you assess the figures. Are you able to pay for home repairs if your tenants have any issues in the home? If they don’t pay rent, what will you do? To find new tenants, how will you promote the home, and how long will the process take? Go over every possible outcome.
What is the amount of the home’s equity?
If you’re on the wrong side of your mortgage, you may have no other option but to sell the home and pay off the mortgage.
If you’ve been living there for some time now, though, your existing balance should be small.
You might just be worried about changing residences. If that’s the issue, you may be fine with getting the property sold for a lower amount for the sake of obtaining a down payment on your new place. In fact, it would be wise to sell the home quickly.
What is the market like?
In a seller’s market, placing the property on MLS will result in a quicker sale. That said, in a buyer’s market, it could take months before the property is bought.
How can you determine which is which? Speak with a real estate professional. We will be pleased to answer any of your questions by email or phone.
Industry publications and news can offer additional hints, too. For instance, in some cities, there’s a buyer’s market, while in others, there’s seller’s market. Some homes can remain on the market for 6 months or longer, which is less than ideal if you’re in the process of relocating.
On the other hand, a seller’s market doesn’t ensure a quick sale. Of course, you can bring up existing listings for properties. If a lack of homes in your price range is minimal and most of them are under contract, it’s likely a seller’s market. It’s a buyer’s market if there’s a wide selection to pick from and properties have been on the market for months.
We can be of assistance if you don’t want to have your house sold on the open market.
You’ve gone over all the figures and have decided that you don’t have the money to have your home sold the old-fashioned way. You lack the funds for in-pocket repairs, or you believe the property will remain on the market for months. You can’t afford to turn down the out-of-town job, either. What can you do?
Get in touch with us. We’ll provide you with an offer and can close in as little as 7 days.!
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