I got a job offer in another state. I need this job because I’ve been laid off for a long time. I need to sell my home but it’s not worth much more than I paid for it 4 years ago. What would you suggest I do?
Lease it or rent it out. Hire a good contractor to do a thorough inspection from top to bottom – from roof to foundation and everything in between. Hire a real estate professional who lives and works in your area. If you live in Conyers, don’t hire a Realtor who lives or works in Marietta. Your Realtor will screen the tenant to determine if they’ll take care of your home plus pay your rent on time. If you don’t want to hire an agent, put an ad in Craig’s List and your newspaper’s online classifieds.
There are many people in your position who can’t sell their homes. You don’t want your home to sit vacant. Vacant homes deteriorate faster than occupied homes. Even if you get a tenant who cannot pay your full desired rent amount, at least you’ve got someone paying you something until the market gets better.
There are lots of people who need to rent because they are not in a position to purchase. So, it’s a win, win for you both. They’ll pay your rent on time because they’re rebuilding their credit and need to improve their credit scores, and you’ll get a good tenant for your home.
You may decide to do a lease-purchase, which is basically leasing your home to a tenant who reserves the option to purchase your home at the end of the lease. If you do a lease option or lease purchase, both you and your tenant must agree on the purchase price at the time you sign the lease.