You got PCS orders and put your house on the market, but it hasn’t sold. You are moving out of South Carolina. This is not a new problem, but a lot of military families face this very stressful situation in today’s slow housing market. While there is no easy answer to this dilemma, we will offer some strategies for this problem. PCS orders and selling home fast are not complementary phrases.
I was born and raised in Columbia, SC. I graduated from The Citadel where I made many friends that are posted all over the world. If I can’t help you I will find someone that can. You are not the first nor the last to face this problem. Getting over the fact life is not fair is the first step. Once you clearly state and accept the problem for what it is, you will be free to develop strategies and select the best option for your family. Notice, I didn’t say a “good option”… all of them are likely to come with difficulties.
- – Drop your price. This means you may need to come to the closing with cash. Make sure you understand the total of settlement costs and Realtor fees and whether you have enough cash to cover it. Ask for a reduced commission rate with your listing agent to lessen the blow. All they can say is no. You may have a major issue with selling a house for less than you paid and even bitch at bringing money to settlement as the seller. I get that. But you must consider every month’s mortgage payment that the house sits vacant as part of the total cost. If this becomes your best option … just do it … get on with it, and most importantly, don’t blame yourself.
- -Sell for what you owe. “Subject To” Sometime you just don’t have enough time to drop the price with a realtor or just don’t have enough cash to sell the house. Or quite frankly can’t bring yourself to spend hard earned money to get out from under this INVESTMENT. Selling for what you owe could be an option you may not have know was available. Selling Subject To is when a buyer takes title to mortgaged real property but is not personally liable for the payment of the amount due. The buyer must make payments in order to keep the property; however, with default, only the buyer’s equity in that property is lost. A reputable company like Mason Buys Houses can walk you through the steps and talk to you about your situation. Get started here. Permanent Change of Station (PCS) does not ask if today is good for you, its an Order.
- – Consider renting your home out. Do your homework on the rental market. Determine the appropriate amount of rent to charge tenants and factor into your cash flow. It could be that you’re in a cash positive situation, and if so, great. If not, make sure you consider the depreciation and other write offs applicable to rentals by consulting a tax professional. Run a credit check and verify income for prospective renters. Call their previous landlord if possible to check their payment history. Do your due diligence for renters…making a mistake here can cost a lot of money.
- -Pretend You Did Not Get The PCS Order- Sometime a little humor helps with the pain.
- – Leave your family behind, but just until the house sells. You or your spouse can do the geo-bachelor/bachelorette thing. I personally dislike the concept of separating families, but it is an option. If you choose to go it alone, you should consider the bigger cost of the strain of your family living apart. PCS Orders Selling Home Fast just does not make good dinner conversation.
- – Leave the service. If you’re retirement eligible and have adequate employment opportunities in your current city, this may be a very plausible alternative. Is the next promotion really worth the financial cost or strain on your family? Even if you aren’t retirement eligible, you must consider this option, especially if you live in an area where employment opportunities are good. By the way, as a veteran you have skills that are very desirable to the private sector.
- – Default on your payments. I left this for last because I firmly believe this is almost always a very bad alternative. As a U.S military member you probably have a clearance … this can jeopardize that clearance. As one of America’s finest, you undoubtedly have your personal pride … don’t give that up. There is a huge cost to defaults/bankruptcies that can follow you for years, to include a possible IRS bill for the forgiven debt at the end of the year. PCS orders selling home causes problems to start with. We don’t need to have to make them worse.
I was born and raised in Columbia, SC. I graduated from The Citadel where I made many friends that are posted all over the world. If I can’t help you I will find someone that can.Military Bases in SC that we served: Shaw Air Force Base in Sumter SC, Joint Base Charleston South Carolina, Fort Jackson Army Base in Columbia SC
We buy houses in South Carolina. We are a local investment company buying real estate in the Columbia, Greenville and Charleston and all surrounding areas in SC. If you need to sell your house fast in SC, connect with us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose 🙂