You were just offered the perfect job, but will need to relocate for it, so you run excitedly to the phone and call your cousin who is a real estate agent. Happy to help, he pulls some comps and rushes right over for a listing appointment.
As he presents the comps, terror sets in because you quickly realize that you have a major problem. Your home isn’t quite worth what you owe, especially once you factor in the closing costs and your cousins hefty commission.
Sound familiar? You are not alone. More and more homeowners, especially those who purchased within the last 5+ years, are finding themselves in this exact situation.
So what are your options?
Short sell your home? – Can’t do that, It will destroy your credit score
Don’t take the job? – Absolutely not, opportunities like this don’t knock every day
Sell when conditions are more favorable
Earn rental income in the mean time
Avoid the landlord headache
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