Austin TX - Job Relocation - Should We Sell or Lease Our House? HEEELP!

General Real Estate Investing
1

We purchased our home in Pflugerville (near Auistin TX) in July 2006. I am starting a new Civilian job on Camp Pendleton (near San Diego, CA) August 6th. We can’t afford to pay a mortgage for the house in Pflugerville and rent in San Diego area. If all goes well we will be moved out by August 22 and the house will be ready to show a few days later.

The payoff is about $150,000. I have not done any checking besides a quick look on Zillow that came up with a value of $149,000. I think the value may be a little higher a new Elementary School will open in the Fall that is less that a block away. I kmow some people are willing to pay a little more to be close to a school.

The house was built in 2004/ Brookfield Crossing Subdivision/ 1736 square feet/ 2 story/ 3 bed/2 ba/2 car/loft that could be 4th bedroom

We can’t come out of pocket for any closing cost or fees or anything. We can’t bring any money to the closing table.

I have to have sold the home or have a renter in it no later than October 1st.

We need help.

Plan A. Put the house up for Sale August 22, if it does not sell by October 1st. pull it off the market and put it up for lease.

Plan B. Put the House up for Sale/Lease August 22

Plan C. Put the house up for Lease August 22

If we do lease it will be for 10 or 11 months.

Any other suggestions would be appreciated

2

Just a reminder of the rules. No contact information in the posts.

There’s a few local REI clubs in Austin if you want to solicit buyers, but you may be looking a short sale. KB and other volume builders are offering large homes at great prices. Pflugerville homes sit on the market.

The reason I know is

  1. I am an agent so have access to MLS.
  2. My friend has to sell his home and is in the same boat. He purchased in 2002 for 150k. Owes about 140k or so and the home isn’t worth more than $135k. With buyer agent fees, etc. he will come to the table owing thousands. He’s going to try to lease it, but leases take 60-90 days or a so. A three bedroom can rent for $995 to $1195. I wouldn’t think you’d be able to lease for more than $1200/mo.

http://www.reiclub.com/real-estate-clubs.php

3

What is your monthly mortgage payment?