How to move if you own a house!? (for sale, real estate)

[Junita]

My husband and I are from FL and now we live in IL but looking to move back to FL soon. We own a house here and the market is doing good where we live, but the question is how do you move if you own a house and it doesn't sell right away? Do you pay 2 mortgages? What if we can't?

I'd really like to hear how others did it and get all advice I can. All advices are greatly appreciated!

[jewfrojerome]

If you're intent on moving, your best option is probably to sell your house first and then look to make the move. You could move into a rental in Florida temporarily until you find a new place, or head down there immediately to find a place to buy, hopefully with a quick closing. Of course, real estate deals fall through sometimes, so you have to keep your fingers crossed that everything aligns as expected.

Another option is to rent out your current house, if you think the rent will cover the mortgage payment.

I would suggest working with a real estate agent you trust who can give you the pros and cons oft the various options and provide insight into the market where you live. In some places, houses don't make it past their first open house. In others, you might be waiting months to get a single offer.

[zeusGT77]

I personally would wait until the house sells before I moved down. Yes, you would need to pay two mortgages until the house in IL were to sell if you choose to purchase a house here in Florida too. As a previous poster responded, I would rent in Florida until you sold the house in IL in case something goes sour.

I of all people understand that if you pressing issues causing you to uproot immediately and move here, then I would either try to rent the house out while having it for sale (but then I would need to know the laws in that state are for allowing a rental to be posted for sale) or post the house for sale and rent here until it is sold.

That is just me personally.

[jewfrojerome]

One more item to add. Depending on your finances, you may not be able to get a second mortgage until the first house goes under agreement anyhow. Your real estate agent, and especially a mortgage officer, could give you some insight into this.

[Sunnydee]

When we decided to move from Ohio to Florida we:

spent weeks cleaning, painting, landscaping, dejunking, and staging our house - there was nothing that we didn't touch

priced the house very aggressively

got a good realtor with a marketing plan designed for a quick sale

and sold the house within 5 days in a very bad market

I suggest that you do something similar because selling your current home alleviates lots of problems you'll encounter if you decide to rent it or leave the house empty while you're far away from it. Best wishes.

[BPevehouse]

My professional opinion would involve values:
What is the current value of your home?
What is the price range you plan on buying in?
THEN....
What is your comfort level with risk?

Even the best agent can't make any guarantees but an experienced agent can give you enough data to help you make the most informed decision. Such as:
What is the current value of your home?
What is the average time frame for selling a home that is properly marketed?
What are the benefits of aggressively marketing?
What are the costs of aggressively marketing?

Remember, meeting with a Realtor doesn't cost you anything, and the good ones will stand out and make you feel comfortable, not necessarily because they are telling you what you want to hear, (some agents aren't always accurate... a.k.a. truthful)

My suggestion would likely lean more towards selling, then making the move and looking for some form of temporary housing or short term housing unless you can afford to carry both mortgages based on a realistic time frame of selling based on what a local agent can suggest / prove. If you haven't already considered renting your home, then you are not a good candidate for being a landlord. It is not for everyone.

Look at all the data, don't just listen to what they say!

One thing you didn't mention is your reason for moving back to Florida. Do you have a time frame you must be here by? Or are you retiring or self employed to where you do not have a deadline? This factor must be considered as well.
Blanket decisions or suggestions without these facts could be disastrous.

I have done cross town moves both ways.. selling before buying, and carrying 2 mortgages at once and each time I went into it with all the information I am suggesting you compile as well as more. I also considered my borrowing costs/carrying costs, hassle, projected market trends for current location and the location I was headed to, and made my decision based on the info.
Each person is different and unique and you have to be honest with yourself and realistic at the same time.

[floridamove]

Agree with other posts that it is individualized. Like to share my experience- I rented my home via the realtor as if I sell it, I would have to put in money at closing due to the market. The monthly rent now pays for the realtor fee+everything+ money left if anything broke. The realtor does all the paperwork coLlect rent, save me all the headaches. Bad part is if I want to buy in fl, the loan I can get would be lower due to my mortgage.

[Natasha_DrPhillips]

Originally Posted by Junita

My husband and I are from FL and now we live in IL but looking to move back to FL soon. We own a house here and the market is doing good where we live, but the question is how do you move if you own a house and it doesn't sell right away? Do you pay 2 mortgages? What if we can't?

I'd really like to hear how others did it and get all advice I can. All advices are greatly appreciated!

As many people already discussed all the options and laid them out perfectly, I don't want to repeat the same.

I think you ideal game plan would be to sell your IL property first, and then come to FL and buy here. You can rent for as little as 7-month lease, or stay in extended-stay hotel (there you pay weekly).

I say that because, from my experience, many sellers are reluctant to accept offers with the contingency on the sale of your existing property, and it will limit the pool of your options significantly.

Renting your IL property and move away sounds like a complicated matter as you will have to find a very reliable property manager, and it can be not an easy task.

In my brokerage, there is a separate department specializing in relocation and handling your type of situations. I could possibly refer you to a specialist, if you would like.

~Natasha~

[Junita]

Thanks for all the advice, you guys are awesome!

We do plan on renting in FL until we research areas and neighborhoods, we will buying later on once we feel ready.

We aren't in a hurry to move, my husband is still applying for jobs down there and getting interviewed and so on, but most employers if they offered him a job, they'll give him like 2-3 weeks to start the job.

Our families are in FL this is one of the reasons we are moving, we are very lonely here in IL and we are just homesick and tired of the insane taxes of west Chicago (and the cold frigid weather year long)

I think the plan is to work on any issues within the house and contact a realtor for advice!

[MojitoMe]

You've already gotten some great advice. My advice would be to put your house on the market immediately, and if it sells before you are ready to relocate to Florida (because your husband hasn't yet found a job) you could also try to rent something short-term in IL before committing to the move down there. However, renting short-term in Florida would probably be easier, since your husband would be more available for interviews. Once he's gotten a job, then you can focus on where you will live and start looking for a house to buy. This way, you don't have the risk of paying for two mortgages simultaneously.