An increasing number of people move to different cities, states, or countries, searching for better job prospects. Deciding to sell your Chatham County, North Carolina home to take advantage of a once-in-a-lifetime job offer is undoubtedly a solid plan. However, relocating across state lines, oceans, or continents in a short amount of time is no easy task. It might be challenging to uproot your life in pursuit of a new career if you own property.
Using this guide, you’ll be better prepared for the move and know what to expect at each stage. Find out your options for selling your home in as-is condition and resolving common tax issues, such as whether or not you’ll need to pay capital gains while relocating for a job, as well as how to handle corporate packages and relocation assistance.
You can always try to sell your Chatham County home as fast as possible
Not having enough time to put your home up for sale on the open market is a real possibility if you need to move quickly to start a new job. An open market sale might drag on for months, and it will require your physical presence at every step of the process: meeting with the broker, staging the home, and showing it to potential buyers. It could take some time to find a buyer, depending on the current status of the real estate market.
One of the options to speed up the process is to sell your home as-is. This solution relieves you of repair and staging duties and helps you if you must relocate fast due to a job offer. The only downside is that you will probably get less money. You can also sell your home quickly to a real estate investor for cash without making any repairs or preparations to the property. In as little as five days, you may sell your home and have the money you need to begin your new profession.
Once you sell your home, to accelerate everything, you should consider hiring movers to help you pack. They will not only have it done quickly but also safely, ensuring your belongings remain intact during transport. So don’t be afraid to hire some help in such cases.
Save money while you sell your Chatham County home
You don’t want to spend more money than you have to when selling your home. You will need finances to move and start over in a new place. It’s possible that you don’t have enough money to make the necessary renovations to your home before putting it on the market or that you’d rather put that money toward buying a new place and starting over. Your home does not need significant upgrades or repairs to attract buyers before being put on the market.
You can try to sell your Chatham County home and buy a new one at the same time
One transaction must always take precedence over the other when buying and selling a home at the same time. Finding the appropriate home before you’re ready to sell can be a matter of preference, but it can also be a matter of timing. Each of these shifts calls for careful analysis in a competitive market, and a savvy real estate agent may be able to help you strategize based on the specifics of your area. Doing this will help you save time either way.
Regardless of the route you take, following the guidance of an expert real estate agent can increase your chances of a smooth transaction and lessen the burden of selling and buying at the same time. However, be sure to check on the Better Business Bureau first to see if you are working with a legitimate professional. Here are some things to consider before you start.
Ask for a sale and settlement contingency
There are several safeguards in place to protect the buyer and the seller once an offer has been made due to the inherent uncertainties in purchasing real estate.
Once the seller accepts an offer, a legally binding contract is created between the buyer and seller, which may include certain protections or conditions. A buyer may include a mortgage condition in their offer, indicating that the offer is only binding if the buyer can get financing within a specified time frame.
Potential purchasers may condition an offer on the results of a property inspection or even on their own ability to sell the property.
When customary challenges emerge, contingent offerings shield purchasers. Any one of these problems could be deal-breakers for a potential homebuyer or cause the seller and buyer to renegotiate the terms of the purchase agreement. More information on contingent offers and the most common types of buyer conditions may be found below. For first-time buyers learning the process of making an offer, familiarity with the ins and outs of contingent offers is essential.
Ask for an extended closing
Standard closing times range from 30 to 45 days after an offer is accepted. If you need extra time to find and buy a new house, you can ask the buyer of your property for a delayed closing. It’s possible to get an extension of 90 days or more when you sell your Chatham County home on the closing date if the buyer falls in love with your home, giving you additional time to find and purchase a replacement property.
Some questions you might have
Get a feel for your best course of action by first answering a few key questions:
Will you be able to get another mortgage on top of your existing one?
Lenders may be hesitant to provide funding for a second home if the borrower already has equity in a primary residence. It may be possible to get a second mortgage if you already have one, but you’ll need to prove that you can afford the higher monthly payment. So don’t spend unnecessary money on improvements that won’t add value to your home, and focus on what’s more important.
Is it possible for you to own two houses at once?
Even if the bank agreed to provide you with a second mortgage, would you still like to have one? Buying a house requires a lot of money, including a down payment and closing costs. Many homebuyers count on the proceeds from the sale of their current residence to cover these costs, so taking them on all at once may be financially unrealistic.
What will you do if there’s a gap between selling a home and buying a new one?
What happens if the worst-case scenario occurs and you have some time before you have to sell your property and buy a new one? Talk to your real estate agent about your options, such as whether or not any month-to-month leases are available or if the property has flexible lease termination regulations. Consider whether staying with a friend or relative is preferable, or a hotel is the best option. While it’s understandable that you’d like to get into your new home as soon as possible, it’s best to be ready for the worst-case scenario so you can focus on getting things done. In such situations, consultants at strongassmovers.com recommend renting a storage unit for your belongings. It’s an excellent solution to keep your items safe until your new home is ready.
Changing your workplace is a massive step in your life. Be sure to stay calm and methodical. Dealing with real estate is not easy and should not be rushed if you are not an expert, so getting help from an agent is recommended. We hope this guide helped you plan how to sell your Chatham County home when moving for work.