Are you relocating to a new city to take advantage of a new opportunity (or some other reason) and you are having a heck of a time selling your existing property? This can be a real pain, as not only do you want to be free of the ties that bind you to where you are now, you need the cash to help with your big move. Today, we take a look at a few reasonable options so that you can get packing with the peace of mind that you made the right decision.
5 Options for Those Who Are Having Trouble Selling Their Home WHEN RELOCATING
1. Set a Realistic Price
You probably had a very clear price range in mind when putting your house on the market, one that included a bare minimum that you’d accept. If you’re reading this today, then there’s a good chance that there have been zero takers at the preset minimum. It may be time to reassess and adjust the price to a more realistic figure that considers the current market, the true condition of your entire property, and location which may not be a as favorable as it once was. Many people can wait it out until the market returns the value of their home to a more optimal level (as it often does in Winnipeg) but given that you need to sell before relocating, you don’t have that luxury.
2. Rent Until You Can Sell
You may not have considered renting out the property in your effort to unload it before moving from the city. While that first month’s rent and security deposit won’t quite deliver the liquid funds you hoped for before your move, it’s certainly better than nothing, especially when the monthly revenue can deliver you a consistent stream of income along with potential tax benefits that can pay off much more in the long run. That being said, since you won’t be living in the city anymore, you will need to find someone who can somewhat manage the property for you, or at the very least be there to handle maintenance, emergencies, and the like. You’ll also have to factor in the cost of a homeowner’s insurance policy.
However, the same issues that may be keeping you from selling your home could also get in your way in making it an attractive rental. If that’s the case then you’ll need to keep reading.
3. The Other Rental Option – Home Stays
While your property may not be attractive enough to long term renters (and thus solve your pre-relocating problem) you may find success on the vacation rental by owner market, using services such as Airbnb. The revenue stream may not be as consistent, but again, it’s something to consider when you simply can’t sell by your moving date.
4. Short Sale
A short sale (basically a fire sale) occurs when a house sells for less than what’s currently on the mortgage. A homeowner who fears foreclosure may choose to go this route as the negative impact on their credit score is not as great, while a lender may allow it so that they at least recoup funds without having to deal with unloading the property on their own.
This scenario may apply to those of you in need of quick sale before leaving town to secure a new opportunity that will change your current financial situation. There are concerns, mind you. For one, while not as impactful as a foreclosure, a short sale will still hurt your credit rating. In addition, before you can qualify for a short sale, your home must pass inspection, which can be an issue given that condition could be one of the key reasons you have not been able to sell in the first place. Lastly, there is no guarantee that the new fire sale price will deliver the quick buyer you need before relocating.
5. Cash for Homes Service
You already know that foreclosure is not an option, given the lambasting it will give your credit score. How are you supposed to start life in a new city with your credit cards gone and credibility as a consumer in shambles? But at the same time, the other four alternatives above may not be an option. What are you to do? This is where the cash-for-houses system comes in. A reputable service provider will give you market value for your home regardless of the condition, and in most cases within the week of the first visit to your property. If your house is located in the Winnipeg area, we encourage you to contact 5 Day Cash Offer to find out how we can help you unload your home in time for your big move.