Home Selling in 78251>Question Details

M, Home Seller in 78251

I just purchased a house and found out I maybe getting laid off. Is it too soon to sell?

Asked by M, 78251 Mon Jun 30, 2014

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First step in a potential crisis is not to panic. Many mistakes are made from over reaction, so take a few minutes and understand your situation, your options and don't jump too soon.
Let's say the worst happens, what are your other options for employment? Let's say you do sell, where are you going to live then? Since you'll need a place to live and need a job, maybe staying put, finding another job, even a temporary one may be a better option then selling.
Selling at a break even will mean you put more than the minimum down or your market is rapidly appreciating. If you put 20% down, you could sell for what you paid, more or less and walk away with some money, but you'll have lost most of your down payment and closing costs.
I don't know the cost of selling in your area, so you'll need to have a local agent give you an up to day market analysis and Net Proceeds worksheet to show you what will be left over after you pay off your mortgage and expenses.
Before you do this however, lets consider all other options; including not getting laid off, getting another job, living off savings for a short time or taking on a roommate or two to assist with expenses. Best of luck.
2 votes Thank Flag Link Mon Jun 30, 2014
Check your mortgage and make sure there are no pre-payment penalties,. you can always ask your loan officer. Your buyer broker should have gone over what the house was worth when you bought it. If you got a good deal, you would have equity. If not it may be a harder sell.
1 vote Thank Flag Link Tue Jul 1, 2014
Please give me a call, and we can schedule an appointment to discuss your options. Just as Dan recommended, think before you jump. We can provide information to help wiegh your options, and possibly offer some other options you may not have considered. We are here to help. River Valley Real Estate Company (210)853-5327.
1 vote Thank Flag Link Tue Jul 1, 2014
Dan Tabit,offered some excellent advice when he suggested you not panic. If you immediately sell you're going to lose a good deal of money guaranteed, and are still going to need a place to live. You wrote that you may be laid off, so it's not a foregone conclusion. Why don't you take a proactive approach and start looking for a new position now. Who knows you might find a better job then you're current one. Then if you are laid off you're already prepared and if you're not laid off you'll have work options which isn't a bad position to be in. Lastly it's been my experience that employers generally prefer to hire someone currently employed than someone unemployed.
1 vote Thank Flag Link Tue Jul 1, 2014
Renting your home out and finding yourself a Rental would be the best choice. That way you can build more equity and bring down that lien until your home at least becomes profitable to sell. I can guide you on your next moves if you need assistance feel free to reach out to me.
0 votes Thank Flag Link Wed Mar 18, 2015
Hi M

Wow, that is Sad, it happens.

if you just bought a home, you must have reserves, such as 401K etc.

use those, and work hard at finding a Job.

good luck
0 votes Thank Flag Link Thu Oct 2, 2014
I would say that it depends on when you would be getting your next position and how much you think you would be earning. You maybe jumping the ahead of yourself and selling so soon after purchasing may or may not be the best option.
If you are in need of selling I would be happy to go over all the number with you to see if it would be wise to sell or renting out. Our company is hear to help and we do not want to force you to make a decision that would lead you into a debt situation.

Travis Reed
River Valley Real Estate
0 votes Thank Flag Link Thu Oct 2, 2014
If selling is not na option - try renting through a professional property manager. They can be found on NARPM.org
0 votes Thank Flag Link Thu Oct 2, 2014
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