Home Buying in Waldorf>Question Details

kalista0115, Home Buyer in Waldorf, MD

Just bought a new townhouse in St.Charles and husband just got a job transfer to WA, what to do??

Asked by kalista0115, Waldorf, MD Tue Jul 17, 2012

We just bought a new townhome in the St.Charles area of Waldorf ( Glean Eagles) cloesed on it May 29th 2012. My husband works for Boeing down in Pax River and now has been offered a job to transfer to Everret,WA. He will be making quite a bit more money so it's a great job for him. What can we do with our new home? Can we sell so soon after buying or can we rent it out for a couple years then sell? We do a VA loan are there any things we need to be prepaired for? I'm sure this isn't going to be easy. Can anyone help? Thank you for your time!

Help the community by answering this question:


My first question to you is what is your ultimate goal? Do you want to keep the town home so you can move back or do you want to try to buy in WA?

Then call your lender and find out the details of your loan and what your options are for renting. Are there any penalties for early payoff, if it is assumable what are the terms?

Talk with a local experienced real estate agent and get a market value of your home. They can run some numbers if you were to sell and based on any equity you may have what it may take.

Talk with a property manager and find out what the rental market is for the home and what it would rent for.

Then when you have all that information you will be able to determine what options you have. Will there be a cost of living adjustment in WA which perhaps could offset a loss between the rental income and the mortgage, housing cost?

I wish you all the best.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed Jul 18, 2012
I disagree about the assumption. Interests rate have been pretty steady; they just bought it, so it may be if a buyer cannot or does not want to wait.
And, yes I said they have to qualify as do all other loans that are being assumed.

There are choices, and investigating all the options before making a decision is the best way to go.

How will you know if you do not get all the information.
0 votes Thank Flag Link Wed Jul 18, 2012
Having a buyer "Assume" is not a viable option on a VA loan for 2 reasons. There is not a interest rate advantage for the new buyer and the VA requires a "qualifing assumption" for the buyer so there is not an advantage to the buyer. Also IF you did a salr assumption or RENTED the home that amount of your VA benefit is tied up which prevents your ability to apply the VA purchase option is Washington State.

You can rent the home or better yet have your husband NEGOTIATE a relocation package to include a buy out on your home.

Greg Myers
RE/MAX Realty Group.
0 votes Thank Flag Link Wed Jul 18, 2012
Hi Kalista-

You may be able to sell depending on the inventory in the area- if not you can definitely rent- I have my own property management company so I would be happy to assist you with either selling or renting- give me a call at 301-785-1995- look forward to hearing from you!
0 votes Thank Flag Link Tue Jul 17, 2012
Hello Kalista,

You have a few options available to you either do a resale and potential buyer could assume your loan, rent & others. feel free to contact me.
0 votes Thank Flag Link Tue Jul 17, 2012
I would not even consider a short sale. there should be no need. You probably have an assumable loan which would be better than that. All a buyer would have to do would be qualify for the loan.

That is where Lennar may come in.
I have sold Lennar before and certainly would be happy to approach them with the general question for you.

Gerri Ross
0 votes Thank Flag Link Tue Jul 17, 2012
Renting the house is an option if market rents would cover your mortgage and you're comfortable being a landlord. Alternatively, job relocation is an acceptable reason or "hardship" for requesting a short sale. You may even be able to do so without having to be delinquent on your loan. If you decide to pursue this course I would suggest you contact your mortgage company and explain the situation, then speak with realtor who is experienced with short sales. I would be happy to meet with you.

Lisa Miller Scott
Sellstate Dominion Realty
0 votes Thank Flag Link Tue Jul 17, 2012
Hi Kalista,
Wow, what a dilemma, but it has happened to people before.

Since Glen Eagles is still selling, I do not think Lennar would like to buy it back.
I think it might be a good idea to see if they would help you in case someone walked in and wanted something Lennar could not deliver in a short time frame, then they might let the people call you.

You could rent it for a few years until they are finished building and then sell it.

I would rather sit down with you and discuss all the options and do some searching to see what you could sell it for.

Would Boeing be relocating you so that they would let you try to sell the house and then buy it from you and sell it under a relocation program.

There are lots of questions and I am not sure you have all the answers right now.

Please give me a call so we can figure something out for you.

Gerri Ross, GRI, ABR, CRS, REO
Relocation Specialist
Long and Foster
0 votes Thank Flag Link Tue Jul 17, 2012
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