Selling My House and Moving to Another State

Selling My House and Moving to Another State

Why You Should Sell Your Home Before
Moving to Another State

Home Relocation is Expensive

Additionally, when you settle into your new place, you’ll need to buy essentials like food and grooming items, which can add up. You’ll also have to cover mortgage, taxes, utilities, and upkeep costs.
Selling your house will help make your move easier financially.

Vacant Properties are Risky and Difficult to Sell

Paying Two Mortgages and Homeowner’s Expenses isn’t Cheap

Options When Selling a House and Moving to Another State

When selling a house for relocation, you have to time the sale. As mentioned, selling before you move is more suggested to avoid paying for the expenses of two homes. But to help you visualize your options, here’s a comparison of what will happen when you sell before and after moving.

Sell the House Before Relocating

Selling your property before moving requires arranging a leaseback or renting in the new area. We’ll cover leaseback agreements later, but essentially, it involves renting your sold property from the buyer until you relocate.
Alternatively, you can rent in your new city to facilitate your transition while your property sells. Selling your property prior to relocating provides the financial means to rent, ensuring your finances are stable when you secure your new home.

Sell the House After Relocating

Selling your home after relocating would be challenging, particularly without your physical presence for every transaction. You’ll need to engage someone to handle affairs on your behalf.
Moreover, it could strain your finances, with dual home financing, utility bills, taxes, and more.
Furthermore, maintaining the property’s condition requires investing in property management services.
We advise against selling remotely, but if unavoidable, consider selling to a cash buyer for a quicker transaction.

What are the Steps to Selling Your House and Moving to Another State?

Selling to a Cash Buyer or Real Estate Investor

Home sellers often turn to cash buyers or investors in real estate to quickly sell their homes. These buyers move fast with offers and closing, and they buy houses as-is.
Selling a home to a cash buyer is a simple process, even if you’ve relocated to another state.

Request a Cash Offer

Ask for a Rent Back

The best thing about selling your previous property to a cash buyer or real estate investor is their allowance for rent backs! If your move isn’t imminent, you can request a rent back or leaseback arrangement from the cash buyer.

A leaseback agreement permits you to remain on the premises post-closing, provided you pay rent or monthly dues to the new owner. Essentially, the new owner becomes your landlord for the duration you wish to stay in your former residence. This arrangement benefits both parties involved.

Another advantage of a leaseback deal is securing housing while seeking a new home in a different state, eliminating the need for hotel stays and storage expenses.

Keep in mind, though, that the initial rent for a leaseback agreement typically exceeds your mortgage payment. This is because it factors in the property’s monthly mortgage payments, ongoing taxes, repair costs, and other expenses.

Expect a Home Visit To Confirm The Condition

After the investor has given a ballpark offer range, they will schedule a visit to your old house to confirm the condition.

This is so they can come up with an accurate and fair cash offer. They can’t really assess the value of your home without seeing it personally and determining repair costs. 

Review and Sign the Contract

If you agree to the buyer’s cash offer without any commitments, the next move is to check and sign a contract they’ll send digitally. This seals the deal. If you’re unsure about signing immediately, consider getting a real estate lawyer to look over it for you.

Ask for a Flexible Closing Date

Cash home buyers not only offer competitive cash prices, but also offer flexibility with closing dates.

If you’re gearing up to move soon, you can ask the cash buyer to close before your move-out date. This means you won’t need to seek temporary housing or hotels while your home sells.

If your move is still a few months away, you can request a rent-back option if the cash buyer wants to begin generating income from their investment property promptly.

Close on the Property and Move Out

On the closing day, there is less paperwork that needs to be signed since no mortgage lenders are involved. If the seller is set to occupy the house as a tenant after, this is also the time when a leaseback agreement is signed. 

Meanwhile, if they aren’t planning to stay, they’ll be expected to be out of the house on the day of closing.

Selling with a Real Estate Agent

Selling a property with a realtor when relocating to another state is like other traditional house sales. The process takes a lot longer due to numerous preparations required, and the property will be listed on the local Multiple Listing Service (MLS).

Generally, selling your current home traditionally means:

• Finding the best real estate agent
• Developing a strategy with him/her
• Getting a pre-sale inspection
• Repairing or renovating
• Taking professional photos of the property
• Listing the house in the MLS
• Scheduling open houses and showings
• Negotiating offers
• Gathering essential paperwork for the closing process
• Closing with a real estate attorney or title company

As shown in the list above, selling your home through a real estate agent or a real estate solutions company requires both time and money. It’s essential to budget for potential repairs and renovations to ensure your home sells for a good price.

If you’re relocating out of state, selling through traditional means can be more complicated, as you’ll also need to manage the moving logistics. Since the timing of finding a buyer is uncertain with a traditional listing, it’s hard to predict when your home will sell.

Moreover, if you’ve already moved out of state, handling the requirements of a traditional home sale, like repairs mandated by lenders, may not be possible.

However, if you opt to sell with real estate agents, make sure to discuss your selling objectives early on, so they can devise a plan that accommodates your move. Keep in mind that you’ll typically pay around 6% in agent commissions for their assistance throughout the process.

Tips When Selling Your House and Moving Out of State

Time is of the essence when selling your current property and moving out of state. Surely, no one wants to pay for the tax and mortgage of two houses when dealing with a long-distance move.
That being said, here are some tips to help you sell your house fast and to avoid double closing fees and other expenses.

Price the Property Competitively to Attract Buyers

Time is of the essence when selling your current property and moving out of state. Surely, no one wants to pay for the tax and mortgage of two houses when dealing with a long-distance move.
That being said, here are some tips to help you sell your house fast and to avoid double closing fees and other expenses.

Time the Sale

You want to avoid selling your property too quickly and finding yourself without a new place to live. Similarly, selling too slowly can lead to financial strain from managing two mortgage payments.
The solution lies in strategic planning and timing your sale appropriately. Inform potential buyers that you’re relocating from another state and propose making the closing date dependent on your moving schedule.
Achieving this can be difficult, but if you desire flexibility in closing dates or a rent-back arrangement, selling to a cash buyer may be ideal. Many investors are open to accommodating your needs and arranging a leaseback arrangement beneficial for all parties involved.

Get a Bridge Loan to Pay for a New House

Depending on your situation, you may need a bridge loan to quickly fund buying a new home, especially if your old one hasn’t sold yet and you’re eager to relocate. 
JPMorgan Chase Bank N.A. defines a bridge loan as a short-term loan that helps cover the gap between buying and selling your home. Normally, you borrow 80% of the value of your old home and the new one you’re interested in.

Alternatives to Selling Your House When Moving Out of State

We know selling a property during a major relocation can be tough. If you can afford a new place, you may decide to wait to sell or turn the house into something different.

Here are some of your options if you wish to keep the house.

Hire a Property Manager

If your current home is a family home that is filled with a lot of memories, or you feel emotionally connected to it, enlist the services of a real estate manager to look after it.

Local real estate managers can take care of your property while you relocate to another state. They’ll handle all aspects, from property upkeep to tax payments, ensuring peace of mind for you.

Turn Your House into a Rental Property

Why let your vacant home sit when you can rent it out? A property manager will manage tenants as well as maintain your house until you want to retire and live in it again.

Renting out your property will allow you to earn. The rental property will generate income even while you live miles away.

Keep the House as a Vacation Home

If you can afford it, you could transform your property into a holiday rental. That means you’ll have a convenient place to stay when visiting family or relatives.

If life gets too much, you’ll have a home to escape to and relax.

Final Thoughts: How to Sell Your
House and Move to Another State

The Easiest Way To Sell Your House Fast In California

You’re in the driver’s seat when you accept our cash offer for your house. We make the process simple, fast, and easy to follow when working with us. You have no obligation to accept our cash offer for your home when contacting us for a fair cash offer for your home. No matter the reason you want to sell your house, we want to buy your home as is. Remember that you get many benefits that include no real estate agent commissions, no cleaning, no improvements, and no stress. Our cash offer for your as-is house assures you of fast cash payment at closing with a reputable Title company. You can count on our company to give you a fair cash offer for your home! If you’re still thinking, “I need to sell my house fast”, calling us could be your best decision all day. 🙂

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