Expert: Dick Dennis - 4/21/2006

Question
Good afternoon, I am currently living in my home that I am trying to sell and my wife has received a great job 300 miles away and we have been living apart for 8 months while I wait for my school year to be over.  What options do I have if my home doesnt sell by the middle of June?  I want to relocate with my wife to the new city and a new job for both of us...what can i do if the home does not sell, is their anything I can do to avoid foreclosure, and i do not want to rent it out...thank you for your time!

Answer
Gee, Brian, it sounds like 1991 all over again. One thing I strongly suggest is DO NOT PANIC! I don't know your location, but making that mistake would be disasterous. As long as your wife has a great job, I hope that means you should NOT have to worry about foreclosure at this time.

If you have hired a GOOD Realtor, you'll have to be patient and reexamine your asking price. Do not hesitate to come down 30% or more. You would be beating your competition. But if you, as most males are prone to do, do not maintain your property in A-1 showing condition, you are taking one step forward and two back. If you bought your house within the past two years, you may not have enough equity to come down in the price as I suggested.

If you are trying to sell by yourself, I recommend a rent-to-own situation. You are still close enough (300 miles) to look after the property once you get someone in and their deposit.

Your Realtor knows the market best. Ask him/her which is the best road to take. But don't panic!

I wish you well.

Dick Dennis
dixiedee13@aol.com