Would you like to be one of the many making the exodus from Connecticut? Looking for better weather, less taxes and a different political climate, but stuck with a home you can’t sell for lack of equity?
TOP 3 WAYS TO GET OUT OF YOUR UPSIDE DOWN HOME SO YOU CAN LEAVE CT!
1. Pay or borrow to buy yourself out.
It might be painful to think about paying out of pocket to be able to sell your home, but consider the cost savings of living elsewhere. You might find that its actually cheaper to take a loss on your Connecticut home (even if you have to borrow the money), than to miss the lower cost of living elsewhere. If you don’t have the cash and can’t borrow it – keep reading!
2. Rent the home.
If you can make a profit and have a local property manager - rent the home out and move away. Just keep in mind it never makes sense to pay a monthly loss to become a landlord. I’ve sold countless short sales, where an owner decided to rent out while waiting for the market to recover, only to have a bad landlord experience, never regain the equity, and end up short selling later.
3. Short sale.
Short selling is almost always the most reasonable way to get out of a home that is keeping you stuck in Connecticut. Relocation to a new state is generally very well accepted by lenders as a reason to approve a short sale, as it almost always creates a financial hardship to keep two residences.
IS A SHORT SALE RIGHT FOR YOU?
Planning a short sale for a move out of state takes expert help and a great timing strategy. We’ve helped countless home owners out of their upside-down homes and out of CT since 2010, and we can help you! A free consultation about your options is just a click away!
Minna and Jaime made my short sale a breeze. I was worried going into a short sale that it was going to be an impossible task. Their expertise got my property sold in only 3 months. They were able to handle everything, making efficient use of electronic documents and signatures, while I left the property and moved across the country.
Last Updated on August 15, 2019 by Minna Reid