There is a growing list of people who are seeking home selling advice for out of town homeowners. While the advice is very similar to what a “local” would receive, people who no longer live in the Tallahassee area have additional concerns.
First and foremost, if you are not where you can monitor the home, then you have no idea how well it is being maintained. Of course, you could pay somebody to do that for you …
And you could pay for management, for repairs, for tenant issues, for taxes, and for a myriad of other expenses. As many people are finding out, owning a home that you no longer want is not for the faint of heart.
Recently, a reader reached out to ask for home selling advice for out of town homeowners, and this is what she wrote:
As many of our long-time readers know, this out of town homeowner is not alone.
Home Selling Advice For Out Of Town Homeowners
My first advice to anybody who is likely upside down in their home is to seek the advice of the real estate expert in the market in which the home is located.
Knowledge is power, and you most likely can get a free consultation on your unique situation and actually be able to speak with the top expert in the area. Don’t simply ask somebody you know who is “in real estate,” find the short sale expert in the specific market.
Secondly, I would download and read the entire FREE 81 page resource for people who are considering a short sale. It answers all sorts of questions that you may or may not yet have thought about. Get the information you need before you rush to make a decision.
Finally, I would do everything in my power to fix the problem without doing a foreclosure. We are still seeing far more of a negative ramification on credit scores for foreclosures than we are short sales and negotiated settlements, so fight through the paperwork and get rid of your home without destroying your hard-earned credit.
Final Home Selling Advice For Out Of Town Homeowners
My best home selling advice for out of town homeowners is to try to remember that the bank only sees this as a business decision, so you too should do the same.
The house is an asset that is worth less than the liability attached to it. With you not being available for upkeep and maintenance, it is highly likely that your asset is losing value faster than your local peers.
Any deal you work with the bank that allows you to rid yourself of your real estate in the middle of this depreciating market is better than keeping a home that will be worth less next year than it is worth today. And if you hire the best short sale negotiator to work on your behalf, your “worst case” might be a whole lot prettier than you expected.
Remember, the best home selling advice for out of town homeowners is to get knowledgeable, and then get out!
About Joe Manausa, MBA
I’d suggest to out-of-town home sellers that they ask a trust-worthy, efficient friend in need of a little extra cash to keep an eye on the home. This would cost less than hiring a professional to manage it, and it gives someone you know a job. Also, the Realtor selling your home may be able to do this for you as part of a package.
Once when I was selling a home in another country, I had a neighbor hold on to the key and keep an eye on the property, and three different Realtors handling the showings. (There is no MLS where the property was located, so I needed to hire a variety of Realty agencies to ensure showings!) This formula worked. I was able to sell the home without investing in an expensive property manager.
Had to post a comment after reading the last one from Joan. I operate in international markets where there is no MLS and your advice to sellers is spot on. Give an open listing to as many local real estate agents as you can. (The local agents act more like buyers agents than listing agents. They will usually take your listing but will focus more on getting buyers than in marketing your listing). So bear in mind that you may have to do some of the marketing leg work yourself.