Relocating or Lost Your Job? How to Sell Your House on Your Timeline

Every month the house sits unsold costs money. Put your own number next to each line:

• mortgage principal and interest,
• property taxes and homeowners insurance,
• utilities, even if the house is empty,
• lawn care, pest control, and upkeep,
• the rent or mortgage at your new place,
• trips back to handle showings, repairs, or problems.

Multiply that total by the months a normal sale could take, from getting the house ready, to listing, to an accepted offer, to the buyer's loan closing. That is the real cost of waiting for a higher price. Sometimes the higher price is still worth it. Sometimes it is not.

If you move out before it sells, tell your insurance company. Many homeowners policies limit coverage once a house has been vacant for a set period. Ask a neighbor to keep an eye on the place and keep the lawn cut, since an empty house that looks empty can draw break-ins.

After a job loss, the house is mostly a cash flow decision.

• Call your servicer before you miss a payment. Ask about forbearance or a repayment plan. These can buy time if new income is coming soon.
• If income will not come back soon, selling while you are still current protects your credit and your equity. Once payments are missed, late fees and foreclosure costs start eating into what you keep.
• Know your payoff. Ask the servicer for a written payoff so you know what a sale would leave you.

Work backward from your savings. How many mortgage payments can you make while a listing runs? If the answer is fewer than the months a listing would likely take, the sale needs to be quick, or the payments need help from your servicer.

If you are already behind on payments, our foreclosure page walks through the Alabama process and your options before a sale date.

If your employer offers relocation help, read the policy closely. Some policies cover selling costs, some offer a home sale program, and some reimburse only if you sell by a deadline. Know the deadline before you choose how to sell.

• List and move. You move, an agent sells. You carry two homes until it closes and handle repair requests from a distance.
• List and stay behind. One spouse stays until it sells. Lower double costs, but the family is split for a while.
• Sell before you go. A cash sale lets you set the closing for the week before or after your start date, so you are only paying for one home.

On taxes, if you owned and lived in the house for two of the last five years, you can generally exclude up to $250,000 of gain, or $500,000 for most married couples filing jointly. If you have to sell sooner because your new job is at least 50 miles farther from the house than your old job was, IRS rules allow a partial exclusion. Some unforeseen events qualify too, including becoming eligible for unemployment compensation. A tax professional can confirm how it applies to you.

The closing date is the part of a sale you can control most, so plan it backward from your move.

• When does the new job start, and when does the new lease or purchase begin?
• Do you need the money from this sale for a down payment on the next house? Then this sale has to close first.
• When is the next mortgage payment due? Your payoff includes interest up to the closing day, so ask the servicer for a payoff good through your target date.
• How long will packing and moving really take?

With a financed buyer, the closing date depends on the buyer's lender and can slip if the appraisal or underwriting runs late. With us, you pick the date. We can close in as little as 7 to 14 days, or later if your move needs more time. Book the movers once you have the closing date in writing.

Moving fast means making fast calls about your things. When you sell to us, you take what fits in the truck and leave the rest. No cleaning, no repairs, and no showings while you are trying to pack. If you want anything shipped or picked up later, plan it before closing day, because after closing the house belongs to the buyer.

Tell us about the house and your timeline. We usually make a cash offer within about 24 hours, with no obligation. If it works for you, we close through a local title company or closing attorney on the date you choose. Your mortgage and any liens are paid from the proceeds at closing. There is no commission, and we cover the normal closing costs. If you have already moved, ask the closing attorney about signing from where you live.

Our offer will usually be lower than a top-dollar listing. Compare it to the listing price minus commission, repairs, closing costs, and the months of double housing costs, and pick whichever leaves you better off.