Received Military Orders and Can’t Sell House? Options for Selling Before You Need to Relocate
PCS Orders and House Won’t Sell
If you find yourself in a situation where you have military orders to relocate and have listed your home, but things just aren’t moving quickly enough…things can get very stressful. But, you do have options even in your small window of time. Consider the following:
- Price reduction: One of the biggest reasons homes don’t sell quickly in San Diego County is because they are not priced right. The market conditions are typically really good for sellers in this area, so if your home isn’t moving, it may just be the price. Maybe you were shooting high and hoping to get offers somewhere in between? Or, maybe you’re not taking into account the loud freeway behind your house or the potential repair costs to fix your roof. Whatever the reason, it’s very easy to inflate your home’s values without proper research and an expert’s opinions. One thing you can try if you don’t get any bites right out of the gate and you’re in a hurry is to reduce the price.
- Creative marketing: Because you are constrained by time, you may want to advertise special promotions for homebuyers interested in your home. For example, “the First offer from a buyer who can close within the month, we’ll throw in our brand new washer and dryer.” Or, “We’ll cover all closing and commission costs, as well as your moving costs.” Be creative. If there are additional resources you can provide to sweeten the deal for prospective buyers, you might be able to garner some extra attention on your listing. Also, be sure to connect with folks on base who may be able to spread the word about your home. There may be another military family looking to buy in San Diego, who is willing to jump on the opportunity.
- Rent the home: If you just can’t get the offer you’re looking for, then you may be considering renting when you receive PCS orders. While the landlord situation may not be ideal for some overseas, it can have its benefits. For one, you’re not forced to rush through closing on the home at a price or conditions you don’t feel confident in. For two, the rental market is equally hot in San Diego right now, so you may generate some extra income each month. Lastly, there are property management companies who you can pay to rent out your place so you don’t have to deal with many of the trivial landlord headaches.
- Selling with an assumption: Most VA home loans come with a feature called “assumability.” With this feature, you can essentially have someone else take over or assume your mortgage and its payments. This can be a great option for buyers who qualify because your rate is likely much lower than what the market can bear. But, the drawback to this is while you don’t have to pay the mortgage, you don’t regain entitlement until the home is sold or refinanced outside of the original home loan.
- Leave family behind: This would be a temporary solution, but certainly not ideal for most families. If the house won’t sell, you may opt to leave your wife and kids in the house until it sells while you make your way overseas. Your spouse would have to physically be there to ensure things ran according to plan and could handle the bulk of the transaction for you. But, relocating an entire family somewhere far away is stressful enough, so this option may cause more unwanted stress.
Selling Your Home Outright with a Guarantee to Close on Time
Selling your home, assuming this was your ultimate goal, really is the best for your situation. If you’re relocating from California somewhere overseas (or farther than Florida, for example), you may not want to have to endure renting the house out from afar or leaving any family members behind to get the job done. By selling your home outright, you can walk away from the home and your mortgage and begin completely fresh in the area you’re relocating to. Plus, when you sell without an assumption, your VA loan is retired and you will be eligible again in the future to qualify for a VA loan with zero down.
If you’re looking for a quick solution and a guarantee to close at the specified time, then selling directly to a cash buyer could be your very best option. It’s by far the easiest of transactions because unlike a normal sale, you’re not obligated to do much at all as the seller. You can avoid agent commissions and closing costs, and can even leave the house in whatever condition it’s in. Simple. Plus, most cash buying companies can close in less than a couple of weeks, guaranteed (some even quicker). So, if you’re in a time crunch, consider giving a few reputable house buying companies a call to receive a cash offer.
Coming from a company that is veteran-owned, we know your struggles very well and are dedicated to serving you to the best of our ability. If we aren’t the right fit, we can certainly point you in the right direction.