So I get this question all the time - "we have to move in 6 months - PCS orders - and I don't know if we can sell right now. What do you think?" Well, here's what I think.
Real Estate is still a great investment. If you can hold on to your home and cover the cost of the occasional vacancy and maintenance required to rent it out, then do it! Especially for those who are in a field where their rate will bring them back to the area they purchased in again, sometimes more than once.
However, if you're like most families that aren't in a position to maintain a rental or feel that trying to manage property from afar is not an option for you, even with a management company's help, then there is a way to sell in this market even if you're upside down with what you owe to what it is worth. The VAHLC HAP Military VA Short Sale Program is an option for you.
THE VAHLC HAP military short sale program is designed to assist homeowners whose 1) property value is less than the mortgage balance and 2) who need to sell their home. You are not required to have a VA loan or VA loans to qualify. Service member homeowners undergoing Permanent Change of Station (PCS) moves during the mortgage crisis may be eligible.
The program recommends using a realtor, there is no fee for this program and best of all - THERE IS NO IMPACT TO YOUR CREDIT. Unlike a regular short sale or foreclosure, your loan is paid in full - which also means you will be able to purchase again after the sale.
All good news for those in uniform who have no choice in making a move during this downturn in the market. Let's get started!
For full information on this program: http://www.vahomeloancenters.org/real-estate-news/what-is-the-vahlc-hap-military-va-short-sale-program/
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