More and more families face major financial woes because they cannot sell their home. They head into PCS orders without being able to liquidate the home at their soon-to-be previous duty station. There is often no easy answer, but there is a series of steps, increasingly painful, that will provide some relief or may at least increase your chances of having your home sell. Knowing you are not alone, and that others are struggling with selling their home in what can be a brutal market is the first step. So be willing to swallow hard and openly state what you think the problem is. “My home is not selling despite various efforts I have made,†might be a good first statement. As you look at the options make a written list of pros and cons for each one. Here are some strategies:
Renting out your Home.
Do you know the right amount of rent for your home, in your area? Consider the write offs and depreciation and other factors as you think about the rent amount. Rent has to be competitive with other homes the same size and type in your area. Do your homework, and then talk to other landlords in your area to get ideas. Consider the advantages and disadvantages of using a rental agency to assist.
Lower your Price.
No one wants to accept less than they know they have invested in a home. But there comes a time where you realize that a mortgage payment, or the price of sitting empty while you are deployed makes accepting less money more attractive.
Family remains behind. But this is just a temporary fix, and normally only until the house sells. It is not a very viable fix for most families, but it can be an option. This is an option that increases the strain and stress on families and can be a real factor in lowering the price eventually
Leave the Service
Sometimes if your house won’t sell at all, you have to look at the entire picture. For some people, retirement and seeking civilian employment is the answer. Is the next advancement or change of duty worth the upheaval that selling or moving brings? Such things are what should be considered and thought about when making a plan. Whatever you do, you do-not-want to default on your payments. Often it may seem a short-term solution, but its not. If you have any type of clearance for the military, security clearance, they are often put in jeopardy if you default. So in a word, keep your obligations, don’t default.
