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Selling a House and Moving To Another State [Steps For Success]
Selling your dwelling and relocating to a different state?
The process of moving to a new state can be quite challenging. However, selling your current home before the move presents an even greater hurdle. Alleviate your stress and worry by implementing effective strategies.
Life often presents situations that necessitate a move away from your current place of residence. Ideally, most individuals prefer to sell their existing property prior to the relocation. Managing the financial burden of maintaining two households and dealing with the complexities of selling a home from afar can be overwhelming.
Unfortunately, selling your house in advance of your move is not always feasible. If you require the funds from the sale of your current home to cover the costs of the move and secure new housing, moving out of state before the sale is finalized becomes impractical.
You may also be contemplating the logistics of purchasing a property in the new state. Acquiring a new home involves a multitude of expenses. Furthermore, if you plan to leave your current job to facilitate the move, purchasing a house in another state without secure employment necessitates meticulous financial planning in advance. Take into consideration whether it is more advantageous to buy or rent a property when embarking on an out-of-state move.
Take control of the situation by following some of the simple steps outlined in this blog from the 123SoldCash.com!
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Expensive Relocation Costs.
You have to consider expenses like down-payments, first months’ rent, security deposits, and hiring movers, all of which can significantly impact your bank account.
The main reason people sell their houses when they relocate, especially if they plan to buy another house in a different state, is because of the financial aspects involved.
Buying a house is generally an expensive endeavor. Depending on the market you’re moving into, you might need to make a cash offer to stay competitive. In such cases, most of us have to sell the equity in our current house to finance the purchase of our next home. Even if you’re in a market where a mortgage offer is acceptable, you still need to be able to afford a down-payment, which may require tapping into the equity of your current property.
Moreover, moving to a new state can bring about financial challenges. You might not have a job lined up immediately, resulting in a period of limited income. Additionally, there are various costs associated with moving and settling into your new place, including furnishing expenses. If you plan to buy a house in another state without a job secured, it’s important to have savings to rely on.
Avoid the Burden of Owning Two Properties.
When you own a property, there are ongoing monthly expenses that can add up. To prevent the financial strain of having two houses, it’s wise to sell when you relocate to another state.
Just think about it: owning one house can already put a strain on your finances…now imagine owning two!
The costs of ownership are numerous. You have to deal with taxes, utilities, maintenance, mortgages, debts, and insurance. Being a homeowner can cost you thousands of dollars every month, and these payments don’t just disappear. If you move without completing the sale of your old house, these expenses will keep accumulating month after month. This becomes particularly costly if you still have a mortgage on the house you’re moving away from.
Consider this scenario: You move to a new state and acquire a new house. You’ll have to bear all the expenses of homeownership or renting in the new state, while still shouldering the mortgage costs of your old house.
When you take all these factors into account, it becomes clear that most of us simply can’t afford to maintain the cost of living in two different states.
Dangers of Vacant Properties.
Leaving houses vacant poses significant risks. Not only are there no occupants to address emergencies, but empty houses become prime targets for theft, vandalism, and occupation by squatters.
Before you sell your house and move to another state, it’s crucial to consider whether it will be left vacant.
Without careful planning, you might find yourself stuck with an empty house. This becomes a particularly worrisome situation when you relocate to a different state. Vacant houses are vulnerable to various unfavorable outcomes.
What if an unforeseen issue arises at the property? Burst pipes, leaky roofs, pest invasions, electrical problems, or damage caused by weather events such as broken windows or sheds in the backyard. Even if you have someone periodically checking on the house, a broken pipe could result in water pouring in until someone happens to notice.
Unexpected disasters are a part of life, and if nobody is present, they can quickly escalate from a minor inconvenience to a major problem.
Depending on the climate you’re in, squatters could become a concern. In warmer regions like Florida, vacant houses often attract unwelcome occupants. If you divert your attention from the property for just a few months, there’s a high likelihood that you’ll end up needing to go through the eviction process.
Theft is another risk, especially if you couldn’t move all your belongings out before relocating. Vacant houses are easy targets. While it’s obvious that valuable personal items can be taken, people often steal central air conditioning units, windows, and copper wiring. Vandalism is an additional concern. It’s advisable to install a security system that can alert you to any new problems as a minimum precautionary measure.
Exploring Job and Employment Prospects.
When it comes to work and career, there are instances that can prompt you to consider relocation, such as a significant increase in salary, landing your dream job, or being asked to transfer by your company.
One of the main reasons people choose to sell their current home and move elsewhere is for job and employment opportunities.
Imagine receiving an unexpected offer for your dream job or a substantial pay raise. Alternatively, you might have experienced a layoff and need to rebuild your professional life. There are also cases where companies inform employees about a relocation, requiring them to either transfer or find a new position.
In any of these employment scenarios, you might find yourself needing to sell your house quickly. As mentioned earlier, relocating and securing new housing can be costly, which is why funds from selling your current home may become necessary. Of course, the potential benefits of the new job and increased income should outweigh the challenges of the move.
If the opportunity is too good to pass up, selling your current house while relocating to the new state could be the most straightforward path toward a successful transition.
Drive a Fast Sale With Aggressive Price.
Avoid being burdened with an unused house by employing an aggressive pricing strategy to ensure a swift sale.
Determining the right price is a crucial aspect when you’re planning to sell your house and purchase another one in a different state.
Typically, when you’re preparing for a move, you want your house to sell faster than the average time it takes for homes to sell in your local market. One effective way to achieve this is by pricing it aggressively.
Consider setting the price slightly below comparable properties currently on the market. Your goal is to make your sale more enticing than the other options available.
However, it’s not solely about having a low “list price.” There are a few approaches you can take to expedite the sale while accepting a slightly lower net sale amount.
While you could certainly set a lower list price and accomplish your goal, it’s not the only approach. Alternatively, you could set the list price a bit higher and assess the offers that come in. If the best offer falls on the lower side, you can consider accepting it.
Another option is to start with a higher price and gradually reduce it by a certain amount each week until you attract a buyer who is willing to meet your desired price. The key lies in finding the optimal price point to expedite the sale process significantly.
Do you want to sell ASAP in preparation for your big move? We here with the 123SoldCash Team make cash offers and closing quick and easy. Click here to learn how our “3 Step Home Buying Process” works ⚙ to put cash in your pocket ASAP ➡️.
Timing The Sale.
When it comes to selling your house while relocating, “timing is everything.” Avoid the hassle of paying for housing in two different states.
Two nightmare scenarios can arise when selling your house and moving to a new state.
First, you might sell your house too quickly without having a new place lined up to move into. On the other hand, selling too slowly can leave you without the necessary funds (or stuck with two houses) when you urgently need to make the move.
Consider this: If the sale of your current house happens too soon, your relocation plans might not be fully prepared. Typically, when you’re relocating to a different state, you’ll need to find a new house to buy or rent.
Conversely, encountering delays in selling your current home can also pose a problem. You may require the sale proceeds to purchase another house in a different state or secure a new rental. These funds may be needed for down-payments, security deposits, first months’ rent, ongoing rent, and furnishing your new residence or rental property.
Unfortunately, timing it perfectly can be challenging, and you may find yourself in a difficult situation where you need to sell but are unable to move just yet. However, there are a couple of things you can do to address the timing issue.
Asking For A Rent Back.
What if you sell your house but aren’t quite ready to move? One solution is to ask the buyer if you can stay as a tenant for a while.
A “rent back” arrangement with the buyer can be a great solution if you find yourself having to sell your house earlier than expected, but your new accommodations in another state aren’t ready yet.
Here’s how it works: The buyer becomes the new owner of the property, and they allow you to stay for a period of time, usually two to three months or however long it takes for you to finalize your new arrangements. During this time, you would pay rent to the new owner.
The “rent back” option benefits both the buyer and the seller. The buyer can acquire the property they desire, while you gain a period of time to remain in your current home until you can smoothly transition to your new location with the financial proceeds from the sale, making the whole process easier for you.
Flexible Closing Date.
To ensure a smooth transition when relocating from one state to another, consider the option of a flexible closing date.
One approach is to discuss the possibility of adjusting the closing date.
The buyer of your home may be open to flexibility. It might not be a major concern for them to close the deal this month or the next. Don’t hesitate to ask them for some leeway on the closing date, allowing them to accommodate your schedule regarding when you need to move.
Buyers are often willing to provide flexibility in closing dates if they are not in immediate need of the property.
In fact, if you need to move before the sale can be fully completed, you can even inquire about the possibility of the seller assisting with relocation costs. This could involve an advance on the sale price. At our company,123SoldCash.com, we frequently purchase properties from sellers who require assistance with relocation costs, such as transportation, movers, security deposits, and down-payments. We are more than happy to offer support in these situations.
One reason buyers are open to advancing relocation costs is because they can acquire the property vacant. This allows the buyer to proceed with their plans, whether moving in or renting it out, at a faster pace. Simultaneously, you can start your new life in the new state without unnecessary delays.
We here at 123SoldCash are open to work with sellers on closing dates, “rent back” arrangements, and advancing some sale proceeds if it helps.
Plan Ahead & Carefully Budget.
To avoid finding yourself in a stressful financial situation, it’s crucial to plan ahead and budget carefully before making a move.
Given the complexity of selling your house and relocating to a different state, I highly recommend proactive planning. It can be challenging to navigate the process of moving to an unfamiliar area while simultaneously selling your current home. Expect obstacles and difficulties along the way.
Consider the need to visit your new location in advance. It’s preferable to see a house or rental property in person rather than solely relying on online pictures. You might also require the assistance of local professionals to help you secure suitable accommodations. If the new area is unfamiliar to you, you may not have the support of friends or family nearby to facilitate a smooth transition. When selling and relocating to a new state, thinking ahead and planning in advance will significantly benefit you and tailor the process to your specific needs.
Part of this planning process involves careful budgeting.
It’s essential to meticulously consider every possible cost you might incur. As mentioned earlier, relocation entails various expenses, and it’s crucial not to be caught short on funds. Whether it’s moving costs, additional expenses related to owning two properties (utilities, taxes, insurance, maintenance), or deposits for your new place, make sure you are fully prepared.
In summary, when planning a move to a different state, it’s important to note the significant differences compared to a local move. You’ll likely need to price your house aggressively to ensure a relatively quick sale. Timing plays a crucial role, and options like rent backs and flexible closing dates can be advantageous. Planning ahead is essential to arrange housing in the new state and ensure you have sufficient funds to complete your move, avoiding any financial strain upon arrival or delays in the sale proceeds from your house.
Keep It As A Rental.
Renting out a house can provide you with a steady income. However, it’s important to be cautious as mistakes can lead to financial losses on a monthly basis.
One obvious option is to utilize the property as a rental property.
Having a rental property offers several advantages. At 123SoldCash.com, we purchase rental properties and maintain them with tenants. If the investment turns out to be successful, you will receive a monthly payment.
Remember: your previous home has now become an investment property. To ensure a successful rental experience (and avoid losing money due to poor planning or decision-making), careful preparation is necessary. There are a few steps involved in this process.
Understanding the “Cash Flow”.
The monthly cash flow represents the difference between the rental income received each month and the costs associated with owning the property.
To ensure the success of your rental property, it’s important to determine the appropriate rental price based on the market, as well as calculate your holding costs.
Be aware that holding costs accumulate rapidly! Every month, you’ll encounter expenses for repairs, utilities, maintenance, and insurance. Additionally, mortgage payments further increase your monthly bills.
A profitable rental property should have positive “cash flow.”
Positive “cash flow” means that the rental income exceeds the ownership costs. If there’s no “cash flow,” you’ll unfortunately find yourself losing money consistently. That’s not a favorable investment situation!
If the numbers don’t work out for yearly leases, consider exploring short-term rentals like Air B&B. In certain markets, Air B&B can generate significantly higher monthly income compared to having the same tenant throughout the year. Once you’ve set up the property as an Air B&B, it may enhance your chances of selling it. Investors are attracted to Air B&Bs due to their high cash flow potential.
Discover Local Property Managers.
Are you seeking local property managers? If not, it’s advisable to avoid maintaining the house as a rental property.
Does the house you’re relocating from reside in a rural region?
Is the local population relatively small?
Are there not many real estate professionals nearby?
If you responded positively to any of these inquiries, it’s likely that you lack the necessary local support to sustain the house as a rental.
Conduct an online search for local property managers. Property managers play a crucial role, especially if you reside far away. They handle tasks such as finding tenants, collecting rent, and overseeing property maintenance. Typically, they charge a small percentage of the rental income.
Contact approximately 5 or 6 companies and inquire about their local services. You may quickly discover that property managers do not operate in the area. Attempting to maintain the house as a rental without a local property manager is bound to be problematic if you have relocated out of state.
There are certain drawbacks to owning a rental property. Without proper expertise, you might make mistakes or struggle with managing it, resulting in financial losses on a monthly basis. Additionally, if you are in a declining market, the value of your house could significantly decrease in areas with minimal economic and population growth. Rentals tend to be more favorable long-term investments in areas that experience appreciation or at least stable prices.
Exercise caution when selecting a tenant if you plan to sell the property in the future. If the tenant creates difficulties that prevent potential homebuyers from moving in, the house may not appeal to new owners.
Keep It As a Vacation Home.
Retaining a vacation rental can be a favorable choice, particularly if you have local family to visit upon your return.
Another tactic, in case you encounter difficulties selling a house during your relocation to a new state, is to preserve the property as a vacation home.
A vacation home becomes a practical option if you still maintain connections with friends and family in the vicinity. This allows you to make frequent return trips without the expenses associated with booking a hotel. Additionally, your friends and family might find it useful for their own purposes.
Holding onto a vacation home doesn’t necessarily mean dismissing the option of renting it out. In fact, you can consider renting it during the summer months in beach areas or during winter for skiing destinations. Just remember to avoid signing a 12-month lease if you wish to keep your vacation choices flexible.
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~ Daniel Jackson Fort Lauderdale, FL
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