How to Sell My Home Before I Go on Active Duty

Military personnel can take advantage of governmental sales programs.

Those going on active military duty who have thought about selling their homes may wish to do so before departing. These military personnel have additional options available that the traditional homeowner cannot take advantage of. The Defense National Relocation Program makes it possible for these individuals to possibly avoid some of the hassle and heartache that goes along with putting a home on the market.

Instructions

1. Examine the market to determine whether you are going to try to sell your home by going the traditional route of listing it with a Realtor. Hiring an effective Realtor can help you sell your home quickly, but it does not provide you with any guarantees that your home will sell before you leave on active military duty. Because you may only have about six months or so to make arrangements, you have to be certain about your ability to sell your home or at least be willing to leave it on the market while you are away. This can, however, create a number of problems that will make it difficult, if not impossible, to sell the home until you return.

2. Contact the Department of Defense National Relocation Program at 1-800-344-2501. This is a service provided for military personnel that will offer a guaranteed buyout of your home, should you decide to sell it before you leave. You will need to contact the department at least 90 days to six months prior to going on active duty in order to ensure that all of the proper paperwork gets squared away.

3. Complete an application for the buyout program. This program has several advantages. For example, it does not cost you anything to enroll in this program. Secondly, the department markets your home for your but offers a guaranteed buyout if it is unable to sell your home for you. You don't have to pay any selling costs when you use the program and get to retain 100 percent of your home's equity, which you receive within five business days following the sale of your home.

4. List your home with a qualified broker. You must do this after you have decided to utilize the services offered by the Defense Department program. The home must be on the market for at least 60 days before you can receive a buyout offer. Once you have received your offer, you can choose to accept it or reject it.

5. Review your options and deliberate carefully. The Defense Department program also offers property management, but you cannot utilize this once you have gone through the process of the buyout program, even if you reject the offer.

References

• U.S. Army Corps of Engineers: Frequently Asked Questions
• IRS.gov: Instructions for Form 5405
• Federal Housing Authority: Frequent FHA Loan Questions