Home Selling in Savage>Question Details

Richard G, Both Buyer and Seller in Savage MN/Dallas Tx

Options for relocation in a slow market...

Asked by Richard G, Savage MN/Dallas Tx Fri Feb 20, 2009

I recently moved from Savage Mn to the Dallas Tx area but am unable to purchase a new home until my current one sells. As a result of this I have been away from my wife and children for over 5 months only traveling back to see them every 4 wks. I can still afford my mortgage and a meager apartment for me in Dallas but this is getting rather difficult. Renting my home scares me as I will be over 900 miles away and feel that it will be difficult to manage renters from that distance. Forclorsure is not an option for me...it's an ethics thing. Our current asking price will wipe out all of our equity, which is substantial. Any Suggestions???

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Thank you for doing the right thing Richard!
1 vote Thank Flag Link Sat Feb 21, 2009
Hi Richard:

You can short sale your home given you have relocated. This will allow you drop the price even more to get the home sold. If you choose to rent you can hire a property manager who will handle managing your renter and property. You can call some of the real estate companies in your area to find who provides this service.

Dawn
Web Reference: http://www.ocalaflhome.com
1 vote Thank Flag Link Sat Feb 21, 2009
Jennifer's points about renting are good. I would add that the housing market still has another 1-3 years before prices will improve but the fundamentals (demand and supply) have been improving the last 8 months so there's some glimmer of light.

Chances are good that Dallas is suffing a similar fate. I suggest that if you can, take the loss here and use your leverage as a buyer down there to pick something up at a better price as well. You mention that your current asking price wipes out your equity... what you're holding on to psychologically is a value that only existed on paper... an "unrealized gain." It's the same thing as the stock market... unless you cash out at the right time you haven't made anything.

Good luck to you.
1 vote Thank Flag Link Sat Feb 21, 2009
Richard-

It is so refreshing to hear that someone who can afford their mortgage is not going to take the easy way out through foreclosure, just to sell their home. I wish more people were like you. Selling a home long distance, separated from family is difficult, as my family had to do the same thing when we moved from Florida to Minnesota. What we ended up doing was going the rental route, but instead of handling the rental long distance ourselves, we hired a rental agency to be the property managers. You can either keep the house for sale with short term renters, or take the home off the market, renting it out until the market improves. Of course you most likely will not be able to purchase in Texas until your home does sell, but I just wanted to give you a few options.

Or you could change your real estate agent, depending on how long you have had the home for sale, offer to pay some of the buyer's closing costs, etc. Hang in there.

Hang in there
1 vote Thank Flag Link Sat Feb 21, 2009
Richard,

I applaud your ethics and wish that more Americans had the same grounding that you do. Keep marketing your home and continue to try to sell at a break even price - make sure that you have a high octane high protein realtor and that everything possible is being done to get the house sold. Staging, open houses, realtor's opens, etc. Keep adjusting your price and even consider offering a bonus to the buyer's agent who brings in a sale. Good luck and stay the course - it will pay off in the end.

Cameron Piper
Web Reference: http://www.campiper.com
1 vote Thank Flag Link Fri Feb 20, 2009
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