Home Selling in 32258>Question Details

Redter72, Other/Just Looking in 32258

I am military and leaving area, should I 1) sell and break even with HAP. 2) rent

Asked by Redter72, 32258 Fri Oct 30, 2009

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Redter72,

PLEASE pay attention to the HAP guidelines when selling. You mentioned breaking even so you will need to research the %'s that are allowable and reimbursed through HAP. Will your loss exceed 10%? Will that include concessions and real estate fees? Is the sales price within the set % below market value that HAP allows? If you are breaking even and using HAP, you may not qualify for the assistance. Read through the guidelines and get that paperwork in asap if you are going to sell. If you are working with agent, that agent should have a point of contact in the HAP program. Discuss your plans with the attorney/title company you plan on using.

You'll need a rental analysis done and a very good sit down with your agent to review all possibilities. Check out AHRN and base posting services for rentals.

I have sellers involved with the HAP program now and some that have elected to close as normal (bring money to the table) and apply for reimbursement. Before making any decisions, study and confirm your understanding of the rules.

Thanks for serving, good luck with our PCS move. Navy? If you're heading to Norfolk, drop me a line. I'll be glad to help you out on this side!

Best,

Lori
0 votes Thank Flag Link Mon Feb 1, 2010
Thank you for your service & bravery. I feel the longer you hold onto a property the better investment it is for you. I say rent it & then you have a home to live in when you return!
0 votes Thank Flag Link Mon Feb 1, 2010
It depends on what you want and how long you want to hold out for it! We all want to make the best decision.
The answer you are looking for depends on many aspects. If you can rent your home out until the market rebounds you may make money instead of breaking even. You can find many management companies in your area that would be happy to help you.
0 votes Thank Flag Link Mon Feb 1, 2010
First of all, I'd like to commend you on the service you provide to our Country. Thank you for serving!! I come from a long line of military.

This is always a difficult decision for military families, because I'm guessing that when you purchased the home, you believed you were going to be there longer than this.

Honestly, my suggestion would be to sell the home if you are going to be able to break even (if that is truly the case). This market is very hard to read, even for those of us who have been in real estate for many years.

The reason I say that it would be better to sell is because I have seen what renters do to property. Unfortunately there are too many horror stories, and not as many happy ones. You may end up losing more in the long run (because of the expense of repairs), than you would have if you just sell the property.

If you were able to stay in the area, and keep an eye on the home yourself, you would have a better chance of having a good experience renting, but being that you are being transferred, you just can't stay on top of it.

Good luck, in whatever choice you make.
Web Reference: http://www.prchomes.com
0 votes Thank Flag Link Mon Feb 1, 2010
Redter72
Only you and your accountant would be able to answer that question that best suits you. I will ask you this, Is this a home you want to come back to or are you thinking strickly for investment purposes. Once you have that amo, I think it will be an easier approach to the decision.

Good Luck and stay safe!!!
0 votes Thank Flag Link Mon Feb 1, 2010
Whether or not to hold on to your real estate asset or not depends a lot on your overall financial picture.

Sit down with your accountant and decide whether or not you can hold the property in the event it is vacant.

If you can, and you choose to, real estate (in the LONG run) is a good investment....

Have you ever seen a bank let you borrow against a Million Dollar "stock" portfolio? No! But, they surely will against a Million Dollar real estate portfolio....

Good Luck....and THANKS for serving our Country!!
0 votes Thank Flag Link Mon Feb 1, 2010
The market would be open to speculation in which no-one can tell you if the properties will go up in value or in fact decrease in Value.Should you have the option to sell and break even then it may be best to so.I would love to assist you with that task and to let you know our Company also does property management.

Respectfully,
Mark Chestnut
Realtor-Investor
Middleton Realty Inc;
904-520-3926
0 votes Thank Flag Link Wed Jan 27, 2010
Redter72,
Without knowing a little more about your place, specifically your mortgage, and the address (in order to determine current rent you might be able to bring in) it is hard to say what makes the most sense. In a nutshell, if the monthly rent would cover your mortgage with a little wiggle room, it might make sense to rent it. If you rent it, you are probably going to have to hold it for a few more years to wait for prices to come back. If you you are not atleast breaking even b/w rent/mortgage, go with the HAP program. I'll be glad to talk with you in more detail about your situation if you would like.

Regards,
Matt Carroll
Rocknhomes of Vanguard Realty
904-534-7814
matt@rocknhomes.com
http://www.rocknhomes.com
0 votes Thank Flag Link Tue Nov 10, 2009
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