Did Your Home Sell Too Fast? Here’s What to Do!

By Dawn M. Smith for MilitaryByOwner

 

For just about any home seller, the idea of their property selling too quickly is a problem they hope to have. But, for military sellers, a fast home sale could bring an extra layer of stress to an already taxing PCS. 

The U.S. housing market continues to lean favorably toward home sellers, which means that if your home is priced well, there’s a good chance you’ll have multiple offers and likely a contract on the house in a short timeframe. 

This is excellent news!

Unless your service member’s orders change and you’re no longer leaving the area.

Or, you haven’t found a new home because both the for sale and rental inventory are tight.

Or, your child is diagnosed with a condition that needs to be addressed at your current duty station, and the PCS is called off. 

You get the picture—there are multiple reasons a speedy home sale isn’t always the best outcome for a military family. If the timing is too fast, what are your options to ease the timeline or potentially remove yourself from the contract? 

Here are three options for after the sale:

1. Ask for a Seller Rent Back 

You never know if you don’t ask. Lifestyles change every day; it might make a lot of sense for your homebuyer to let you stay in the house and pay premium rent for a few months. You’ll need formal documentation, however. Some states have Seller in Possession (SIP) forms, which amend the purchase contract to include specifics such as rent per month and move out date. 

If, during the process of finalizing the sale, an unexpected lifestyle change occurs, another angle to buy some time would be to accept a reduced purchase price if the buyer agrees to let you stay in the home a couple of extra months.  

2. Consider All Rental Options, Including Furnished

It might be tough to find the perfect rental home right now, but that doesn’t mean all rental properties are off the table. You may just have to consider an alternative solution. Depending on your family’s needs, an apartment could provide convenience and flexibility (and potential savings) for six months. Portable storage solutions are easy to find and schedule, which provides relief knowing your household goods will be waiting at your final home destination.

Or, if the timeline is shorter, a fully furnished executive or corporate home is a solid option. There are rental and property management companies specifically created to house people who are temporarily in-between homes due to a change in their jobs. 

Traditional vacation rental homes are also a luxury that might be worth paying for if there are savings somewhere else in the household budget. And, if you’re looking to fill just a few weeks, consider hotel chains with suite-style living that cater to families needing long-term temporary housing. 

3. Temporarily Live with Family or Friends

Remember all of the times your family wanted to support you through a deployment or a previous PCS, but you really didn’t need the help? You thanked them kindly, but went about your business without their assistance? Now’s the time to see if that support is still available. It’s a lot to ask of anyone to move in, so be prepared to chip in financially or pitch in on household chores to show your gratitude for taking over the guest space. 

Here are two options if your home is under contract:

It must be said that any negotiation or attempt to leave a real estate contract should be handled by a real estate attorney to avoid lawsuits and excessive loss of money due to damages the buyers and real estate agents could claim. A signed purchase agreement is legally binding, which makes the deal difficult to cancel; however, in very specific circumstances, the buyer can retain the house. 

Two of the easiest ways to back out include the possibility that the buyers have yet to sign the contract, which comes down to lucky timing. Or, during negotiations, writing in a “new home” contingency into the initial contract which expresses the need for a satisfactory home for the sellers to be in place before closing. 

1. Attorney Review 

An attorney review may reveal a way out. The review is a three- to five-day term when sellers may cancel if the attorney finds a legal reason to stop the contract. In some states, an attorney review is a required part of each sale contract. If the review isn’t mandatory in your state, it’s typically a standard that real estate agents already write into the contract. 

2. Reach Out to the Buyer 

By and large, the purchase agreement will be difficult to void. Working with your attorney and real estate agent, you may consider a couple more choices that could sway the buyer. Write a letter describing the hardships you’re dealing with and hope they’ll be agreeable to stopping the sale. Or, contact the buyer and offer compensation. They just might be having buyers’ remorse at the same time as your sellers’ remorse!

 

No doubt, a fast home sale is usually the much-preferred route in real estate, but military life has a way of making even the most attractive scenarios seem less so. As you likely know by now, flexibility is key. If your home sold faster than you expected, consider alternate rental possibilities and thoroughly discuss contract voiding options with your real estate agent and attorney to find the best solutions to your housing hardship.