How To Sell Your House When Relocating
December 22, 2020 | amandasearlerealtor
Were you offered a promotion, but it requires you to move away from your current city? Maybe you’ve decided you want to be closer to family. Whatever your reason for relocating, you may be stuck in a situation with a need to sell your current home quickly.
This type of situation isn’t the same as just selling your home. You have a strict timeline and you need to get your home sold fast. However, you don’t want to lose money on the deal and you’d still like to get full value, if possible. Here are a few tips to help you sell your home when relocating outside of your current city.
Prepare the Home Quickly
Even if you haven’t started searching for the right real estate agent yet, you should start preparing the home to be sold immediately. You want to fix any small issues you can, put any unnecessary items into storage and make the home look as appealing as possible. Make sure you keep up with yard work to ensure your home provides plenty of curb appeal.
Consider the Rent Back Options
Maybe you’re in a situation where you’ve sold your home, but you don’t have anywhere to live during the escrow period. If this is the case and you cannot afford to pay for two homes, a temporary rental may be the right option.
You can ask the new buyer to rent back the home to you for the 60 to 90 day period. You will pay rent to the new owner, while you look for a home and figure out the logistics of relocating.
Price your Home Right
When you have to relocate and you are struggling to get your home sold, selling for the right price may help. Sometimes, the emotional attachment or work you’ve put into the home makes it hard to see the true market value of the home. A professional realtor will help you see the realistic numbers and set a list price capable of getting your home sold quickly.
Use a Bridge Loan
Another way to help with the transition of selling one home and relocating is using a bridge loan. This type of loan will allow you to use your current home as collateral for the mortgage on your new home, in the new location. This type of loan will last about six months, which gives you time to get your old home sold.
When you sell your old home, you will pay off the old mortgage and the bridge loan. This will allow you to get a home in the new location, while going through the selling process in the old location.
Selling a home when you need to relocate may become a very stressful endeavor. Whether you have to relocate quickly or you have a little time before you need to move, it’s always a good idea to hire a trusted real estate agent. Since this is a bit of a unique situation, a real estate agent will be able to provide expert advice and guide you through the home selling process smoothly.