What to Do with Your House During a Job Relocation
Life is unpredictable. We all know that. Unfortunate things happen that shake up your world. Or, good opportunities come up that force you to make quick life-altering decisions. We see it all the time at PropertyLark, when home sellers are in situations that force them to relocate quickly.
Some examples might be a divorce or separation, relocating for a new job, moving to help care for a loved one in a different area, or some sort of financial distress. Whatever the reason, you are faced with a need to move quickly and you have to figure out what to do with your house.
Selling House for a Job Relocation
For the purposes of this article, we will focus on a situation where someone is forced to move quickly for a job relocation. You have a new opportunity, but you have to move to a new area right away and you are left wondering what to do with the house you own now. It would be too difficult to hold onto it and take care of it remotely. Plus, you might not have enough money to keep your current home while paying for a temporary rental or permanent purchase in your new location.
Unfortunately, a quick move leaves you with less time to deal with a traditional home sale. You might not have the luxury of time needed to make repairs, clean the place up, hire a Realtor® and get it ready to list on the open market. Plus, you may need the profit (equity) from that home sale to get your new place in the area where you are moving. You might not have the time to wait for offers and go through a stressful 30-45 day escrow process.
If you do have the time for that or you have enough money to manage some overlapping living costs for a few months, then great. By all means, do what it takes to get the most money out of your house by listing it on the open market and accepting the best possible offer. This traditional approach will generally net you the highest selling price and maximum financial returns.
If you do not have the time or money to go through a traditional sale during a job relocation or other fast move, then you will want to look at other options for selling your house for cash, renting it out or leasing it to a real estate investor. These can be quicker ways to relieve any financial stress of home ownership and allow you to move onto your new location with less hassle. Let’s look at each option individually:
Cash Home Sale
If time is your biggest concern, then a cash sale may be your best option. A cash sale to a real estate investor or cash buyer will shorten the closing process significantly as the sale isn’t dependent on the buyer’s financing being approved. Some cash home sales can be completed in as little as a week or two rather than taking months (at PropertyLark, we’ve closed on properties in as few as seven days). Another significant benefit of a cash deal is that most investors are willing to buy properties in as-is condition, which means you don’t have to spend the time or money to make any necessary repairs to the house before you list it.
A cash sale may not net you as big a profit as a traditional sale, but you may end up coming out better than you realize. By eliminating many closing costs and other homeownership costs that still need to be paid until the deal is finalized (utilities, property taxes, mortgage payments, homeowner’s insurance, etc.), you can definitely save some expenses that make accepting a lower sales price worthwhile.
Keep it as a Rental
If you have the means and are in a good ownership position on your current house, you can always hold onto it and rent it out. You can hire a reputable property management company if you don’t want to deal with managing the property remotely. Look at local rental prices and crunch the numbers to see if this is a solution that makes sense. You might be able to turn the property into a great long-term real estate investment. You just really want to make sure you do your research and know what you are doing to avoid extended vacancy periods, bad tenants or major financial losses.
Seller Financing Options
If you are in a good ownership position on your current home (owning it outright or far along on your mortgage payments with a lot of equity built up), you can look at some more creative seller financing options. You can lease it out to a buyer, explore lease options with real estate investors or come up with other creative deals. A financing option may net you more money than a cash sale while still allowing you to get out of the property quickly.
If you are thinking about selling your house for a job relocation or any other situation where you need to move quickly, contact PropertyLark. We can give you a no-obligation cash offer within 24 hours or help you explore your other selling and financing options. Just fill out the contact form on any page of this site to get started!