Bought 1st home & are being forced to relocate.

Asked by Michelle, Navarre, FL Wed Apr 27, 2011

We recently bought a house and 2 weeks after move in we got orders to move to Illinois. My husband is in the military. We now have this new house and we are not sure what to do.

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Liz Streed, Landlord, Portsmouth, NH
Wed Apr 27, 2011
Dear Michelle,

Since you recently purchased the house, I'll assume that you got a very good interest rate. It is reasonable to deem that you'll be able to rent the property and easily cover your expenses. Given that I make a living by recommending that Sellers list their homes for sale with me, I would not recommend that you sell your home now as it would force you to come to the table with roughly 9% of the contract price between the Realtor fee and closing costs. On the flip side, if you put money down on your home and you have enough equity to cover these expenses, you might opt to list and sell. Professionally, I feel that it would be in your best interest to rent your property. I can recommend a Property Manager for you also.

Should you opt to rent out your property while you're away, make certain that your husband provides copies of his orders to the Tax Collector's office in Santa Rosa County so that you can keep your homestead exemption in place. This will in turn keep your monthly mortgage payment reasonable. As a new homeowner, if you've not made application for your homestead exemption, do it now. It insures that your property is not taxed on its full value -- keeps your current mortgage payment low. I've included the link to the Santa Rosa County Property Appraiser's office for you to review on what is necessary to make application for Homestead Exemption.

One last thing, if your husband was not stateside at the time of your purchase, and you opted to take advantage of the first time buyer tax credit for military serving overseas, you may be required to pay back the $8000.

If you have any questions, please feel free to call me on my cell phone.

Warm Regards,


Liz Streed, GCREP-GL-Realtor
PRUDENTIAL Holley Properties
1 vote
Alma Kee, Agent, Tampa, FL
Sun May 1, 2011
Hi Michelle,

There is a special program for you that will allow you to sell and not pay the loss. Contact me and I can give you the complete details and assign a realtor to help you sell and verify you are qualified.

Here are details about the program:

All the best,
Alma Rose Kee, PA
Future Home Realty
0 votes
Terri Vellios, Agent, Campbell, CA
Wed Apr 27, 2011
Do you know if you had insurance in the event of a job loss or transfer? Did you purchase on a VA? Contact your mortgage company and see if they have any advice along with your supervisor in the military, they may have dealt with this in the past.
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