What to do if your house doesn’t sell in time
It’s not ideal, but consider what will happen if your house hasn’t sold by the time you move. Here are a few options:
1. Become a military landlord
It’s not for everyone, but plenty of service members are also rental owners. Many got into the game just like normal landlords do, while others have fallen into it due to houses not selling before their next relocation.
It might also be worth keeping the house for a few more years if you have information that points to you returning to your original location after this station reassignment.
If being a military landlord no longer fits your plans, you could consider offering your tenants a rent-to-own arrangement as another way to sell the property. This agreement provides the tenant with an investment in their future property while creating an alternative selling solution for the homeowner.
2. Consider a long- or short-term geo-bachelor move
Military members who leave families behind at a duty station to move on to another are affectionately referred to as Geo-Bachelors or Geo-Bachelorettes, or Geo-Bach for short. This situation can occur when a house fails to sell, but frequently, quality-of-life factors such as school disruptions, a spouse’s career, or an exceptionally undesirable location are the reasons for a temporary separation.
Geo-bachelor moves can vary widely in both length and purpose. For some families, the inability to sell a home creates a significant financial strain. Carrying the costs of renting out a house while also covering a second mortgage may be unsustainable, especially if the non-military spouse cannot transfer their job to the new duty station.
In other cases, the arrangement is only temporary, depending on how long the relocation lasts and whether the family can eventually reunite at the new location.
3. Leave your house behind, but in your agent’s care
It’s not uncommon for a military seller to have confidence in their agent to continue the transaction in their absence, say, selling from out of state. You may have developed a level of trust with your agent while working together and would like to keep the continuity until closing day.
You’ll have to communicate regularly and let your agent know if there are any additional responsibilities they may pick up in your absence. For example, monitoring the house regularly and noting safety and maintenance needs.
Technology has taken real estate transactions to a new level, and in-person transactions are not necessarily a requirement. Your agent should be well-versed in several virtual platforms that facilitate long-distance sales.
“There are a lot of families that do have to leave mid-timeframe in order to get to their next duty station in time for their report date,” Payne shares. “And so we just keep the home front going. We keep up with them.”
You can do this, and help is out there
Avoiding a stressful PCS is a top priority for military sellers, especially first-timers. Thankfully, there are real estate experts who understand the ins and outs of your unique situation, and you have lots of benefits to claim as a result of your or your spouse’s service to this country.
Take advantage of whatever offerings you’re granted, and ask for help when you need it, and you’ll be well on your way to selling a home with confidence.
That way, you can focus on everything this next chapter of life in a new location has to offer. Get in touch with a top-performing real estate agent as soon as you learn about your relocation.
