Long story short: my husband was promoted, we had to relocate but haven't sold our home. So the company is paying for six months of rent for our house rental. What do we do when the six months are up? We will be BROKE...
2006-12-19 07:06:26 · 11 answers · asked by gentle understanding 4 in Business & Finance ➔ Renting & Real Estate
i would need more information to answer this more accurately, without seeing how the numbers actually work out. we are actually in a similar situation. my wife and i purchased a new home first, without selling our previous home. we listed it with a realtor for 1 month, without getting any serious bites. the home was nicely remodeled, good school dsitrict, nice area, etc. but homes are just sitting now. rather than take a huge cut in price, i decided to rent it out. now my mortgage payment is covered with a few bucks left over of profit. one of the key things in selling a home is "time on market". my home was only in the MLS for 1 month and i took it down. if your home sits for too long, buyers know they can negotiate a big discount. it's a tough market to sell in anyway. my advice would be to try renting it for a year and then consider selling. i placed an ad for free on craigs list and had numerous resnses from prospective tenants. being a landlord might be a bit of a drag for you, but it may save you thousands of dollars in the long run. depending on how long you keep it rented, you could ride out the slow market. you could have someone else paying the mortgage while your home appreciates - - netting you a possible huge gain in the future. good luck!!
2006-12-19 07:21:34 · answer #1 · answered by doogan 2 · 0⤊ 0⤋
It is definitely a buyer's market right now. However, you're fortunate to have another 4 months. By spring time there should be many more buyers out there. You need to prepare your home to sell. It is a fact that empty homes take longer to sell than furnished homes. Maybe you could work with your agent to set up some furnishings to make the home look "lived-in". If you get down to 1 month remaining, try renting out the home. Have a lease agreement stating the home is for sale and the tenant must move upon the sale of the home. This is less than ideal, but would pay for at least part of a mortgage.
2006-12-19 07:24:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
What sort of relocation package did your husband get? Many companies will have relo packages that "protect" the party relocating from being stuck with duplicate housing. The relo company may buy the house from you after a certain period of time, and then they deal with the sale as the seller. With the housing market as soft as it has been lately, you might need to bite the bullet and consider putting your house up for rent, and charge enough rent to cover your costs (mortgage, taxes, management fees) until you are able to sell it.
2006-12-19 07:32:19 · answer #3 · answered by jseah114 6 · 0⤊ 0⤋
This is always a slow time of year for homes to sell. Things should start picking up in January, after the new year. And it may not hurt to take the home off the market for a couple weeks right now, relist at a lower price in mid-january. That might trigger new people to see the listing that wouldn't otherwise.
2006-12-19 07:14:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If your home hasn't sold after 2 months, then perhaps you are selling too high. It may be financially sound for you to take a loss on the house rather than have to pay for living expenses in two places.
2006-12-19 07:09:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Find out the pay off and do not expect to make a dime just be glad to walk away.
Now if you have taken out other loans or so called unlocked you equity you are SOL.
2006-12-19 12:16:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Are you working with a realtor? If not, they might be able to help. Get your house listed on MLS for sure, and try cleaning it up or making repairs if necessary to make it sell better.
2006-12-19 07:09:17 · answer #7 · answered by Lowa 5 · 0⤊ 0⤋
do cosmetic work to the house... New carpet... tile the bathroom ... splash of color on the walls ... put a one year warranty on the house it is like $400... sellers love that!! new light fixtures and update the cabnit hardwear!! these tasks do not cost alot of money and end then end it all gets repaid to u!
2006-12-19 09:29:37 · answer #8 · answered by miss_kendra2005 2 · 0⤊ 0⤋
did you get a Realestate person that can sell your house for you ? Or maybe consider renting your house out
2006-12-19 07:08:55 · answer #9 · answered by silverearth1 7 · 0⤊ 0⤋
Lower the price for a guaranteed sell...to help bring in more offers.
2006-12-19 07:09:13 · answer #10 · answered by Betty Boop 5 · 0⤊ 0⤋