Relocating?

Relocating

Here are some of your options when you are relocating and need to do something with your current hou

Relocating and aren’t sure what to do with your current house? It’s an unnecessary stress of many, especially military families.    But don’t worry – we have a solution. We are giving you options on what you can do if you’re relocating and presenting pros and cons for all your choices. Don’t worry – relocating has never been easier! 

If relocating, you always have the option to sell your current house. But did you know that there is more than just one way of selling? We’ve researched three most common ways of selling your property after relocating!

YOUR OPTIONS FOR SELLING YOUR HOUSE

SELL YOUR HOUSE USING A REALTOR

While you have many choices, the best option is to sell. Holding onto the home doesn’t help in moving on. However, it might not be so easy in the current market, especially if you owe more on the mortgage than your house is worth. If this is the case, you’ll need to
pay off the difference on the loan or go for a short sale.
Issues with Short Sales
The downside of a short sale when selling a family home is that both of your credit scores are impacted. In addition, you both could still be responsible for the difference the house sells for and the amount still owed on the mortgage. However, the bank could always decide to release you from the liability during the short sale

Pros:

  • Perfect option for those who are not interested in doing anything
    with the property.

Cons:

  • Could take months before the deal is closed.
  • Realtors are not cheap – be prepared to pay thousands of dollars in commissions.
  • You might have to make house repairs and gather all necessary paperwork which could delay the selling process.

SELL YOUR HOUSE "FOR SALE BY OWNER"

Attempting to refinance your house after a divorce is another option as long as you’re not underwater on the mortgage. This only works as long as one of you agrees to let go of the house and the other, who’s refinancing, has good credit and income. If you plan to keep the home, you’ll want to make sure you can afford all of the expenses on your own.
One Spouse Keeps the Home
If your spouse keeps the home, don’t expect it to be smooth sailing in getting a mortgage for another home. Sometimes, it’s not so easy getting your name off a mortgage and qualifying for a second mortgage can be tough unless you have a high income. Your spouse might have to apply for another mortgage just so you can get your name off of it.

Pros:

  • Hands-on approach and a networking experience.
  • YOU decide the selling price.

Cons:

  • You might need to know a bit more about your local real estate marketing.
  • Selling independently will bring you more profit than selling to a Realtor.
  • Save on commission costs!

SELL YOUR HOUSE TO A CASH HOUSE BUYING COMPANY

Another option is to sell your house to a house-buying company. Nala Enterprises, LLC is that kind of company! This gives you the best of both worlds! You won’t have to worry about any repairs, you save on commission costs and you can receive a quote in just 24 hours.

We can give you a cash offer within one day and you can close it whenever you want. Your house can be sold in a week!

Pros:

  • Speed: Companies that  buy houses for cash typically close in just seven to 14 days, compared to 97 for a traditional sale.
  • Certainty: Individual      buyers often request contingencies or can run into financing      complications. When you’re selling to a company, there’s less risk your      deal will fall through.
  • Less      hassle: Most companies that buy houses purchase homes as-is or      handle repairs themselves. You won’t have to hassle with fixing up a house      or negotiating repairs with prospective buyers.

Cons:

  • Lower price: While an open market sale      will usually attract multiple competitive offers, companies that buy      houses typically offer around 50-70% of your home’s value, or market      rate at most.
  • Predatory      tactics: Some cash buyers prey on vulnerable people with distressed properties or difficult situations. Beware of aggressive tactics or sales people who pressure you into a sale.
Find out more

RENT OUT YOUR HOUSE

If you don’t feel like selling your home is the best option now, renting out your house is an ideal alternative. This might mean you will need to have a hands-on approach as you will become the landlord. Renting out a house would suit best those who are still staying in the area after relocation. However, there are options you can take such as hiring an extra property manager.

Pros:

  • You will receive a steady amount of money every single month.
  • Landlords benefit from many tax advantages as well as mortgage interest deductions.
  • It’s a fantastic way to earn some management skills.

Cons:

  • You will need to stay on top of all house repairs to keep your tenants happy.
  • Due to common tenant disputes, you might need to require a lawyer.
  • Property manager fees in case you are relocating further away.