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Mistakes to Avoid When Selling Home & Relocating

Posted Monday, August 5, 2013

So you need to relocate and need to sell your current home before you can move forward and get settled in a new area. Here are some mistakes to avoid when selling your home due to relocation. Selling your home on a rent-to-own basis may seem like a great idea, especially in a slower market and you may feel like this is a quick option to help you move forward and get settled in a new area. Here are some tips and mistakes to avoid before deciding to sell your home on a rent-to-own basis.

Take your time and find a suitable buyer, do not just settle and sell to the first person that crosses your path to inquire about your home. Also be sure to think about and plan for all possible scenarios before selling too quickly, even to a relative or friend. 

Ask for a down payment. You are going to have expenses to relocate and you are not going to have the proceeds from an outright sale of your home to work with. If a buyer cannot afford a reasonable down payment or are asking if they can make some sort of an arrangement on the down payment you need, this person may not be a suitable buyer for your home.  

Hire a lawyer to prepare or look over your contract! A poorly written contract can cause legal problems and make it difficult for you to evict the buyer if they fall behind on payments. You may think you are avoiding an expense, however this is very important. If you have problems removing a non-paying buyer from your home, you may end up with huge financial and legal problems. 

It may seem like a good idea to sell your home to a relative or a friend, you may think this is a quick solution to your problem.  You may feel you can trust someone you know to keep up with their payments. What happens when your friend or relative falls behind on payments? It is not as easy to be forceful with a friend or a relative as it is with a stranger. Don’t be a softy. 

Do not count on those regular monthly payments. If your buyer falls behind at any point (even temporarily) this can cause you financial issues of your own. 

Friend, relative or stranger… the eviction process is an expensive process. It costs money to go through the court system to remove somebody from your home. 

If you decide to or need to relocate and you need to sell your home fast, you may want to consider contacting a we buy houses investor. Investors typically will not pay market value for your home,however they can help you sell your home fast and you will avoid potential financially risky situations compared to selling your home on a rent-to-own basis.  This option should be considered when considering sell your home fast to relocate.