My husband is in the miltary & we just got orders to move overseas for 3 yrs, should we we rent or do a short sale?

Asked by Kitty0320, 80922 Wed Aug 4, 2010

We have had our house on the market now for 2 months & unfortunately its not selling. We are facing the dilemma of renting it out for 3 yrs or doing a short sale on our property. I am really agianst renting for that long & also with the distance of us being so far. But I have heard that short sales ruin credit. What do u suggest is the best thing to do?

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Kathy Koops GRI’s answer
Kathy Koops…, Agent, West Chester, OH
Mon Aug 9, 2010
Also, have you spoken to a real estate attorney? There are other options such as foreclosure which may be better for you. Talk to somebody with legal credentials to advise you.

Good luck
0 votes
James Gordon…, Agent, Hamilton, OH
Thu Aug 5, 2010
Kitty it sounds like you would qualify for a short sale based on hardship. It is hard to live out of the country and maintain a property in the U.S.. Short sales will have an affect on your credit but a lot can be done without you having to miss a payment which will save your score a lot. If you have a VA loan the VA will have to be paid back what they lose before you can get a certificate of eligibility again. By the way to low of a credit score may effect a security clearance. Sorry to see you transfering from Wright Patterson.
0 votes
Christopher…, Agent, Phoenixville, PA
Wed Aug 4, 2010
Hello,

I was in the Air Force for 6yrs so I have been through this before. You can not do a short sale unless you are behind in payments. I would be happy to take a look at the property information an advise you on what your best option would be at this point. I will be able to coordinate with you and a top agent in your area that I think can get the job done for you! Please send me information at http://www.theparealtor.com. I am hoping for the best for you guys.

Chris
0 votes
Margaret Rod…, Agent, Denham Springs, LA
Wed Aug 4, 2010
Thank you and your family for doing what you do!!!

We have a lot of military families in my area and they seem to rent or sell. The last one I did said that the military may help him with losses on the house depending on deployment situations. You may check on that.

A short sale does affect your credit so that's a tough one. Maybe you could rent to fellow millitary people? Best of Luck.
0 votes
Rachel Spurr…, Agent, Martinez, GA
Wed Aug 4, 2010
Short sales will have an effect on your credit and I don't think that you could even be eligible unless you are behind in your payments. There are several bonuses of renting at this point - 1) when you sell in a few years the market will be back and you can get top dollar for it and 2)you will have someone else paying the mortgage and building the escrow for you. If you are worried about the distance you will be from the house and the upkeep/problems that may occur, have you thought about getting a rental agency to do the work for you?

Rachel Spurrier
Keller Williams Realty Augusta Partners
706-414-7702
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