I noticed that none of the other answers addressed the options you may have if you can't sell your home for a break even amount. I am new to the Trulia blogs so I apologize for not responding sooner. If your company is transfering you they may be able to help. If you are on your own with out company help I suggest you contact an attorney and a realtor who are experienced with Short Sales (selling a home for less than is owed). They may be able to help you with the options that exist for such situations.
Best of luck to you.
Very Truly Yours,
ABR, ASP, SFR, Realtor Associate
Bannon & Hebert Properties L.L.C.
You've put some substantial improvements in the home, you may make some money, however, turning around and selling in such a short time there's a good chance you may break even, possibly lose.
I would recommend getting a Market Anyalysis on your home to see exactly where you stand at this time. It's really hard to get a concrete answer when the home's condition, improvements and surroundings have not actually been seen.
I hope that helps you and good luck with the job.
Keller Williams Realty
If for some reason you aren't moving because of a new job or transfer but because of lose of income or decrease please contact an attorney who will advise you. Not sure about your circumstances. Based on some of the numbers mentioned below, I hope you won't be short or in a position to not pay mortgage in the future. Again seek counsel with a RE Agent and attorney
Oh, and if anyone says the market has stabalized and has proof, well they would be the most sought after adviser on CNBC.
"Your Beacon to Fairfield County Lifestyles"
Candace Lipira, Realtor
Keller Williams Platinum Properties
I should mention that even in the former sellers market, when one needed to sell within a year of purchasing it was unusual for that homeowner to not walk away from the sale with less money than they had when buying. It takes a bit of time to be able to do that and especially in the current market.
Of course every house and property are different and your best bet is to get an analysis of your home at this time and you should be able to then know just how much you can expect your home to sell at and also to know how much your net proceeds will be from the sale.
1) How many similar homes are still on the market in your neighborhood?
2) What have sales been like over the past 6 months?
3) Have you made any improvements to the home since you purchased it back in February?
Pricing is critical to selling a home. Know what things are selling for in your market before you put your home for sale. Have a Realtor give you a market analysis. Sign up for a market snapshot so you know what prices are like in your area.
If you have any questions, feel free to shoot me an email or give me a call.
Scott Silverstone, Realtor
Page Taft Real Estate