Selling home, relocate for new job, but leaving wife behind.

test

What area is your house located in?  City and state?

Also, it would be helpful if you provided some info. about the house (sq. ft., # of bedrooms and baths, garage?, etc.).

I have not been in the situation you have described, but the additional info. might assist others in responding.

Thanks. Here is a link to the house: http://www.zillow.com/HomeDetails.htm?zprop=57652360

It is in sturbridge, MA 01566. We bought back in Nov 2004 at $275. We were planning on listing at $285K, but looking at other recent sales in the area and current mls listings, we'll likely have to drop from that real quick or start lower from the get go. Our agent seemed to think 285 was a good starting point. Don't know, especially since we would need to sell pretty quick, however we aren't willing to give it away.

After being on these boards for almost two years now I know there really isn't a sale that comes pretty quick, and you have to practically give it away to get it sold.  

Ideas:

- Rent it out? Then holding two mortgages won't be too bad? (If the cash flow is feasible)
- Market your home with a rate buydown so that it's more unique than other homes in the area. Get creative with how this home is going to be sold. Put a sign outside that says "Free 1% off the rate on this house" - (see a lender for specifics on a buydown). Now your house is potentially $200 cheaper a month than every other house in your area listed for the same price. This could help preserve your asking price as well.

- Be sure that if and when you list it that you list BENEFITS and not features. Tell your potential buyers why it would benefit them to buy it. Our market is flooded with Corian counter tops, 18 inch tile, and crown moulding. I want to barf if I see one more of those "features" listed. Think like a buyer, not like a seller. If you're offering the 1% buydown and the math proves that your $285k home is $200 a month cheaper - Market that benefit. "This home, compared to all other homes in it's price range is $200 less a month!" (or less wordy).

Best of luck with what you choose. I've had to sell a home when I got married and I sought the advice of the CPA that does my taxes - he was an awesome resource. Maybe that could help?

jzinckgra,

The follwoing is a Video Blog I just put toether for my blog.  here is the Youtube link.  It will be on my site (www.homebuysblog.com) later tonight

http://www.youtube.com/watch?v=BuUpnFV0YQ0

Ted Mackel

Keller Williams Realty

been there - done that except it was my husband who stayed behind.  After 3 months and the house didn't sell, we ended up renting it out and renting an apartment in the new location - the rents are the same so it is still like having a single mortgage.  Our tenant is a wonderful guy, he just renewed the lease, but it would be nice to sell the house so we could get something here that is more home-like than an apartment.   All in all though we do NOT regret the move.

Greetings from America's Finest City!

jz-  currently in your situation.  It is hell.  Do you have children?  If you do its really rough on the person at home.  It does create a lot of stress and strain on the relationship.  Even a good one.  I always hear about renting it out, but do you really want to get into it.  It is an iffy situation at best - and unless you rent it out at 125% of the mortgage month to month, you are still bleeding money.  (The mortgage company - at least here in NJ only lets you claim 75% of what you get per month as covered when you apply for your next mortgage.  The other 25 is for repairs, maintenence, etc.)  So unless you have extra reserves put away for this and are looking for a home at well less than you could afford - I don't recommend it.  Remember - you still have to maintain the first property - not the tenant.

And its not a question of what you think you can get for the house.  Real buyers are few and far between.  And getting financing is stopping deals in their tracks.  Personally, we will not put an offer in on another place until we leave the closing table.  Too many deals fall through at the last minute. 

Whatever you decide - good luck.  Its a really tough market.  Your wife is a much more important consideration in the long run.  See how the house does first on the market. The first two weeks will give you a good indication of that.

Umm.... that title is just really odd.

This scenario is playing out behind doors across the country.
Within the past few months I have worked with six families in the same position, some luckier than others. Four have sold and three of those four have already moved.
Two have not been as lucky as of yet but we are actively working toward the day I hang the sold sign in the yard.

The biggest concerns people seem to be bringing me are what do we do if the house doesn't sell. I say plan ahead.Have a rental option in the works. Talk to your company about relocation options.Some have compensation available that they may not have gone out of their way to offer as of yet.When in doubt ask. If your home is in a "business community" or nearby a technology center with lots of industry call the larger local companies and find out if they need an executive rental. This is the most lucrative option if you must rent.

Please know that Homes are selling.They are selling quickly for top dollar.The important thing to remember is today's dollar not yesterdays.

Take all the staging advice you can get and if your home is buyer friendly it will sell.
Have at least four,local,experienced agents provide you with a detailed pricing plan not just what price to list at but what to do if that price isn't right and go into the sale knowing if in ten days you haven't seen the results you were hoping for a change may be needed.
Whether it is a change in advertising text , photos , video , open house times you will have to work through with your agent but keep in mind buyers get bored easily.

Short and sweet.Price it right.Pick your agent wisely.Hold them accountable to what they promise and then stick to your price.

Oh and have a presale inspection to save your sanity.

Best of luck.

Lisa Johnson

Coldwell Banker Residential Brokerage

Andover

We recently had a job relocation.  Before setting a price,   We spent time touring all the competition on the market  (and evaluating recent sold  comparable homes).    The price we set was lower than the competition with less upgrades of the same square footage, and less than the sold comps.  Our asking price was about 95-97% of those.    We got an acceptable offer in 10 days.    The competition has now been on the market for six to nine months. and they've been chasing the market down.    

We were anxious to sell quickly so that we didn't have to carry two mortgages.   We priced so we could sell quickly.    Starting a tad high and chasing things down tends to be less successful than slightly underpricing to start with. 

Thanks everyone for your replies. Yes, I know the title thread is weird. lol. I kind of wrote it "spur of the moment". Our agent took pics today and we should have an mls by tomorrow. Regarding renting, my wife and I discussed this, but would only put this as a last option. I don't want any deadbeats trashing our house or not making payments,etc.  We have no kids, so the burden and stress should be lessened. We priced at $284, 500 as recommended by our agent. She said to try that for two weeks and see where we get. We'll lower accordingly.  

I didn't think the title was that weird?  But then again I think mine are probably pretty weird!  LOL!  Renting would be hard as well if you aren't living in the same area I would think???

mckylie,

Sorry, i actually meant renting our house that we are selling, should it not sell in a reasonable period pf time. But, renting where my new job would be would also be a short term option, but that would equate to essentially paying 2 mortgage payments, depending on the rent. Fortunately, I have some friends that I could stay with for a little while, but it's just the not knowing how long our house could sit on the market that gives me an uneasy feeling. Time will tell.

jz,

I had a very similar situation, my husband relocated because of a job, I stayed to sell the house.  He was about and hour and half to 2 hours away, and stayed with family.  He would come home on the week ends, If you would be able to do that, I'm sure that would ease your mind. 

jz, now I am apologizing for my post not being clear.  That is what I meant.  I think renting out the house you are selling would be more difficult if you are not living in the same area as the house you are renting out.  If something goes wrong you can't just hop in your car and be there in a few minutes to take care of it if need be.  You also can't keep an eye on your place as easy to make sure the renters are taking good care of it!

dagaleaa: After being on these boards for almost two years now

I thought these boards have only been up since July of last year....

Pretty house BTW.  From the outside, it looks bigger than the square footage lets on.

J,

Find a rental where you're going to work - you can be home on Friday night and head back on Monday morning.  And the wife can make the trip periodically when you both want to spend the weekend house hunting and checking out the new area.  Start off with something short-term, check for sublets on craigslist, etc., rememeber, it's just a base, you can survive with very little room or amenities in your situation.  I hope everything works out well.

We are going through the same situation.  New job 2500 miles away.  Wife is with the house to keep furnished, maintained, and clean for the buyers. I rent a small apartment.  Yes, it has been a significant burden both financially and emotionally.    Times have changed. The economy is much different than 20 years ago.  Who can guarentee that their job will be around in 5 years?Who wants to remain in a bad job....because they are stuck with a house they can't sell ? This mess may go away in a couple years; but I wouldn't bet on it.  Ten years of absolute stupid home appreciation won't go away in two years.  I am much looking forward to renting.

Been there, done that too.  Took a job 400 miles away from our home in New England.  Left my wife and kids home while I lived in the cheapest, smallest apartment I could find where my new job was.  Didn't have anything in it except for a mattress.  Worked out fine.  The house sold in 6 months if I remember right.  Went home every other weekend.    This was years ago. Not today's market but houses weren't selling well either when we relocated.  We only had one couple look at our house in NE in 6 months.  Luckily, they bought it. 

Relocated with a new job 2 months ago (from FL to NC). Renting the cheapest studio while wife and two kids are left to look after the house. Can't afford to drive to FL every other weekend (or even month) with the current gas prices... Terrible situation.... Already lowed the price on our house by almost 12%, but still no takers.  

I've been on both sides of this one and the person in the apt has the better deal.  It's almost a full time job just keeping a house immaculate to show, much less keeping up with all the kids and yard work etc.

With our current RE market I honestly believe the worst thing you could possibly do is end up with 2 houses to pay for.  Rent the cheapest apt you can find.  And since you are the one living the good life, you will have to work hard on weekends!