One big question I am asked when meeting with potential Massachusetts Short Sale sellers, is if they “should stay in the home or move immediately during the short sale process?”
The answer to this question is of course is very personal to each individual’s situation. Sometimes you may be making a move for a job transfer or to care for a family member and you have no other choice, but to pack up and move. But, for most home sellers going through a short sale there will be pros and cons to staying or going. <!--more-->
Staying in your home during a short sale
Pro’s
- Homes usually show better when they are furnished and someone is living in it.
- Maintenance will be kept up as you will become immediately aware of any problems.
- If you are already not paying your mortgage, you will be saving money on rent.
Con’s
- For some seller’s there is a high level of stress in the uncertainty of when and where you are moving.
- You need to keep up on the house and present it in the best possible light for showings.
- It may be disheartening to have people come through your home, knowing your are going to be losing your home.
If you decide to stay, the biggest piece of advice I can give you is to start packing now!! Your are going to be moving one way or another. Overall for many, staying during the short sale process is usually the preferred option.
Moving from the home during the short sale
Pro’s
- You have a little more control over the moving process and when you go.
- For some it can be less stress, getting the kids placed in school, having a definitive plan, etc….
- You don’t need to continually keep your home in showing condition.
Con’s
- Vacant homes don’t usually sell as well.
- Maintenance can sneak up on you. Very common for pipes to burs in the winter on vacant homes creating many thousands of dollars worth of damage.
- Bank may view the house as abandoned and may try to secure the home.
- You will have to keep current (if possible on certain bills for the home) and pay rent elsewhere.
If you do decide to leave, make sure you continue to maintain the home. You can prevent costly repairs and if it is maintained you will get a higher purchase price. One of the biggest issues we have with vacant homes is pipes freezing and bursting in the home, causing not only plumbing problems but damaged floors, walls, ceilings, etc….
Regardless of whether you decide to stay or go, keep the home in good showing condition. While it may be disheartening you are losing your home to an unwanted sale or foreclosure, it behooves you to secure a quick offer for the highest price possible. The more money you can get the less impact it may have on you in the future.
As you can see that either way, stay or go, is a very personal choice for each individual.
