Thread: Need to relo but have house....

Hello,
I hope this is the correct forum for my question, if not I am sorry. I am looking for opinions, comments or advice regarding the selling of my home due to a job relocation.
My employer is in the process of closing the facility where I am employed at. They offered a generous severance package (approx 1/2 my annual salary) or full relocation benefits to their facility in northern Utah. Benefits such as all moving expenses paid including car transportation, 90days temporary housing, cash for incidentals and reimbursement of realtors fees on selling and buying. I opted to keep my job and relocate.

So....I've had my house on the market with a nationally known real estate company since 12/8/08, about 12 showings and 2 open houses. Have never received any negative feedback from the showings. The house is de-personalized, fresh paint, lots of updates, very clean, pre-inspected and offers a home warranty. As of July 2008 the property apprasied at $140k. It's listed at $139k with $2k for buyer at closing. I will be reducing it to $135k with $2k. My bottom price is $129k which was my purchase price 7yrs ago. My 1st mortgage bal is $110k and equity loan is $8k. So if I didn't have to worry about realtor fees I could sell it for about $120k to break even. I plan on being in Utah by the end of April whether the property sells or not. My contract with the realtor ends April 8th.

I am looking for any suggestions/comments/opinions on how to continue with the property if it doesn't sell by the time I have to move. Contact a property management company to look at renting it? I cannot afford to pay for housing in 2 states. The mortgage is a 30yr fixed %6.625, $937mo. Have never been late on a payment in 7years. I would love to refinance to %5.5 if I have to rent it, but I doubt I could get that rate for an investment property.

Thanks very much for any words of wisdom!
Dable in northern Indiana

You've got several of options. First: Sell it and be willing to take seller carry back financing for all or part of the down payment. This will help the new buyer and make your property more desireable. Second: If you're willing to go as low as $129,000 - do it now and move on (I'd still be willing to hold a small mortgage). Yours will be the best deal around. Third: You can sell it yourself for $120,000. Do some research on how to market and get people to want to buy it. Fourth: If you decide hold it, refinance it now before you move to get the lower rate. Good Luck

If you intend to purchase a house in the area you are moving to you should go find a ERA office in your area and ask them to add you to the Seller's Security Plan (SSP). This program assures that you will get your home sold because if the ERA agent that is certified to offer the SSP cannot sell your home ERA will buy it. It is a great program for those that are being relocated or want to moveup or downsize. The reason I first asked if you are planning to purchase a home in the area you are moving to is because the program does have a big catch and that is that you have to be purchasing another home and you must use a ERA agent to make that purchase. But, if that purchase is already in your plans than this could be your savor.

Originally Posted by Dable

Benefits such as all moving expenses paid including car transportation, 90days temporary housing, cash for incidentals and reimbursement of realtors fees on selling and buying.

So if I didn't have to worry about realtor fees I could sell it for about $120k to break even.

You answered your own question. Your company will be paying the real estate agent fees so go ahead and lower the price to $120,000 right now. The sooner you do it the sooner you move on with you life.