What Can I Do If I Can't Sell My Home & Need to Relocate?

Relocating to a new area can be a chore. Preparing your home for sale and packing boxes to ship to a new place can leave you feeling overwhelmed. If your home does not sell as swiftly as you desire and you need to quickly relocate, there are alternatives available to help you avoid paying double each month in housing costs.

Rent

If your home doesn't sell, try finding a person interested in renting your home instead. You do not have to be physically present to manage your property. Consider enlisting the professional help of an experienced property manager. Property managers can recruit renters, run background checks on tenants, collect rent money each month and maintain your property in your absence. Property managers are compensated in the form of a small percentage of the rent collected each month which means you are not subject to any upfront fees.

Lease Option

An option similar to renting your property out is offering a lease with option to purchase. This offer may appeal to buyers who are unable to qualify for a conventional bank loan with which to purchase a home. This may be due to less than perfect credit or too little credit history. A real estate agent can help you locate buyers interested in leasing your home until they are able to purchase the property with a bank loan. This period can be six months, one year or five years. The terms are negotiable based on your needs and the needs of the prospective buyer. One of the benefits of lease purchasing is that the purchase price and a down payment are generally established when the tenant signs the lease. This means that you have a contract binding the tenant to purchasing the property at a later date and do not have to worry about finding a new buyer at the end of the tenant's lease term.

Sell Fast

In many real estate markets, there are investors willing to purchase homes quickly. These investors are generally seeking large discounts on your property. If you have equity available in your home or are willing to float some of the cost, you may be able to sell your home to a real estate investor. Place a classified ad in the local newspaper, identifying yourself as a "motivated seller" who needs to sell quickly.

Many investors have access to loans or cash that help ensure a fast closing. If you feel uncomfortable dealing with investors individually, there are real estate investment firms such as the national franchise "We Buy Ugly Houses," HomeVestors of America, Inc., that you can contact instead.

Corporate Housing

If you hate the idea of a long-term commitment to a tenant, rent your home short-term as furnished corporate housing until you find a buyer. Corporate housing can be a viable solution if your home is located near highways, places of commerce or public transportation. Safe neighborhoods are the most appropriate for corporate housing. Corporate tenants usually stay for short time periods, but the amounts you charge per week can equal what a regular tenant would pay in a month.

References

• Bankrate.com; Creative Financing Might Help Sell Your Home; Melissa M. Ezarik; January 2008
• Landlord Association.org: How to Select a Property Manager or Property Management Agency
• RealtyTimes; GettingtThe Right Numbers With a Lease/Purchase Agreement; David Reed; March 2001
• Bloomberg Businessweek: Who Buys Those Ugly Houses?; Chris Palmeri; January 2006

Resources

• HomeVesters: We Buy Ugly Houses
• SellMyHouseFast.com: Need to Sell Your House Fast? You're in the Right Place