As we approach transfer season I cant help but think about the families that are being separated because of their inability to sell their house.

Im curious about what Coasties are doing to cope with the situation.

1. Are they leaving their families behind?

2. Is renting at a rate lower than your mortgage popular?

3. Are some just walking away and filing for bankruptcy?

4. Are some retiring because they have no choice?

I think that the housing slump really devastates military families. I understand that the money you receive is for rent, however, While the other services have plenty of housing Coasties normaly have to fend for themselves.

If you figured a way to cope with this situation please let us know what you did.

I'll be doing the geo bachelor thing for a while until ours sells.

insurance fraud

Kinda funny that there is not one person in this entire thread willing to post their name...

One more to the "IGNORE" list....

Wray..

Maybe they don't want to post their names cause this is a public forum and any crazy psycho can access it?

I can understand the reasoning behind hiding your name, but when all I have is my name, awards, and previous units posted on my profile, I don't worry too much about anyone on Fred's Place. Plus I won't post anything I wouldn't say in person either. Even if you are not in the phone book, if you go to a County's website, type in an address in a property search, you will find the current owner's name, address (obviously), what they payed for the house, annual assesments, taxes, etc. If I was a nut job, Fred's Place would be the last place I'd look for personal info.

On topic, I believe Castor8em listed some of the most popular solutions, but I'm agreeing with pleasestopme!

Hey! Anyone want to buy a house?.............Geo for me also.

Here in Miami, the majority of members who own a house cannot sell it for what was paid and the house can't be rented out for the amount of the monthly mortgage. Members with PCS orders are really in the hurt locker now that the housing market bottom is falling out (it's not over yet). No matter how much advice and counsel was given, the flipping and/or potential resale price was too lucrative for some to resist. Don't think it's solely an enlisted thing......several officers stand to lose significant sums, too. Walking away from a property will certainly affect a security clearance. Several members are exploring "selling short" in the hope of minimizing damage to credit ratings. Two members who managed to sell their houses had to bring cash to the table at closing in order to get free-and-clear of the property. A few risk getting suckered into "credit rehab" rip-off artists despite efforts to educate everyone in how such criminals operate. It sounds callous and boring and not in-line with the American Dream but the bottom line is that BAH was designed for renting (not buying) quarters commensurate with paygrade. Maybe this assumption needs to be re-visited by the upper echelon to reinforce the stated intention. The other option is to mimic the Army and consider creating a program that encourages home ownership. As one member put it, "Hey, if you give me money to buy a house at my new unit then why don't you help me sell it when you give me PCS orders to leave?" (dang, there's that "buy vs rent" thing again).

Not long ago USN talked about a program guaranteeing career sailors three consecutive tours in one geographic area, maybe USCG could consider that (of course, it would only apply if there were enough billets in that area for that particular rate and rating).

My cousin is PO1 in the navy had except for a couple years his entire career has been in and around Norfolk. He just started his last tour before he is eligible for retirement, he went from Oceana to a carrier downtown.

I will rent mine at a loss. Then again, unless you lose significantly, you end up getting most of it back on your tax return.

Sell early.

If you expect a transfer or know when you're going to PCS, put it on the market early. Then you have time to play with the market and pricing. Most importantly, price to sell your home. We all think our homes are worth more than we think. Make attractive incentives for buyers (ie. throw in generator, snowblower, lawn mower, closing costs, etc.).

If you have a buyer, explain that you are military, have family and so-and-so is your date of PCS; see if you can work with a contingency. If it means relocating your family earlier or later, then do so. On the flip side, I'd rent until the market settles down. Its also a renter's market. These folks with empty homes don't want to foreclose and would rather get 'something' rather than default on their mortgage.

We PCS'd June 2007. We put our home up for sale April 2006. We sold Sept 2006. We found a home to rent from the closing until PCS time. I realize circumstances will be different for families with children in schools and all. Be patient and work through it.

Try not to sell your home 'empty' if you vacate it. If you must move your households, work with a realtor to stage the home; they sell faster staged.

People often buy without asking the question "How is the resale in this area?" Realtors will often try to sell houses that are "hard sell" cases.. Check and see how long the house has been on the market.. If it's been there for a long time, that should give you a hint....

With the market the way it is, I'm not sure if I would buy or rent.. once again, it would depend on the "deal" I could get.. Gotta look at the big picture, not just the sale price.

Quite honestly I'm gald I don't have to deal with that.... I had my Mothers townhouse up for sale... that was back when the prices were high.. they dropped... I didn't get any offers, so I took it off the market, furnished it, adn now rent it to those that come for Bike Week, the NASCAR races, or anyone that just wants to rent a 3 bedroom town house for a week or two... Far cheaper than a motel room..... Plus I get to use it for storage or what-ever the rest of the year. I suspect when the market comes back I may put it up for sale.. not sure.

Lisa, I had a vendor from Black Hawk South Dakota rent it for Bike week.. I think he wants it again for Biketoberfest.. http://www.biketoberfest.org/
I get 2K per event.. Just 2 events will cover the taxes & homeowners dues.. ...Since it is paid for I don't have many other expenses... Oh, I listed it on Craig's list, on a Wednestday, and it was rented by noon on Thursday.

Look forward to seeing you & Dan in Oct....

Wray..

This message has been edited. Last edited by: Wray,

quote:

Originally posted by castor8em:
1. Are they leaving their families behind?

2. Is renting at a rate lower than your mortgage popular?

3. Are some just walking away and filing for bankruptcy?

4. Are some retiring because they have no choice?

1. My wife is active duty. She ended up getting handed a billet off the left over list & got early transferred accross the country to ISC San Pedro last year. House went on the market last May when we found out.

2. I'm still living in our house because I'm still at SFO Galveston in Texas. Hadn't been able to sell it. I've had to drop the price several times. I'd be hesitant to rent from across the country period, much less for lower than the mortgage.

3. I won't file bankruptcy, that's not an option. If I have to get another job, then I have to get another job.

4. I'm not close enough to retirement, but I am going to get out of the Coast Guard when my current enlistment is up. Just another notch on the bed post.

~STREEPER

It's been a while and my memory isn't the greatest these days. Maybe some of the other guys in federal agencies can help me out.

Isn't there a company that works with ICE and CBP employees that offer, if you get transferred, the government will buy your home at a reasonible cost?

It'll take some digging but maybe I can find my last transfer/move paperwork and let you all know the name of the company or program, if I am correct about the buying your home part.


It would be nice to see it offered to the USCG personnel....again, if it exists.

Don

I'm in the same "have to sell my house" before
transfer season situation like many people. I've
had my house up for sale for a little over 6
weeks and nothing yet. Someone over at housing
mentioned it to an incoming member which makes
me think, wouldn't it be a wise thing to mention
your house to your units YN's. Maybe they can
pass the word on to incoming personnel and try
to spark some interest in the property. I think
that the moving on forum best suits this subject
since there you can find people selling
properties left and right. Well, just my $.02.
.....

Wray, glad you got to do 'something' with your Mum's. I know its been an issue; glad you got some resolution. See you in Oct. You need to test ride a few at the track when they have them, like I did.

With the real estate market the way it is; unstable, I would get out NOW if you can. If it means sacrificing a few thousand, I would do it so you don't have the headache of splitting your family up, paying for two homes (renting + mortgage) or leaving your home thats for sale empty. I always said stress is not worth the extra bucks.

Good luck with your decision. I know its not an easy one. Get with a GOOD real estate broker who will work for YOU and not for themselves or potential buyers. If you live in a college town, make sure you put fliers over there or in their newspaper; professors and staff need places to stay too.

quote:

Originally posted by 21yrsUSCGUSCS:
It's been a while and my memory isn't the greatest these days. Maybe some of the other guys in federal agencies can help me out.

Isn't there a company that works with ICE and CBP employees that offer, if you get transferred, the government will buy your home at a reasonible cost?

It'll take some digging but maybe I can find my last transfer/move paperwork and let you all know the name of the company or program, if I am correct about the buying your home part.


It would be nice to see it offered to the USCG personnel....again, if it exists.

Don

I've been searching around for internet sites...so far, I haven't found exactly what I was looking for but this may be of some help. The million dollar question though is would it help those in the military?

http://www.afm.ars.usda.gov/travel/relocate/relocate10.htm

Don

1. I might have to stay behind if our home doesn't sell..
2. Renting isn't an option for us, due to the rise in taxes and oil costs. Rent around here is way below what we would need to get to afford to rent.
3. I am not walking away, I would love to,but it isn't worth it. The market will eventually come back up, it always does.
4. Not even close to retirement.

The housing slump stinks! It is our fault for not doing our research on the odds of us getting stationed here for another tour. It was all a crap shoot. Hopefully we will sell soon, and our family will be together. Who knows! It is the most stressful situation possible, selling a house esp. nowadays.
I know that we will always have a roof over our head and food on the table. If we are to split up, we know that things will work out. What doesn't kill you, makes you stronger.
Anyone transferring to groton/new london area?

Folks should think long and hard before walking away from a home. It will affect your security clearance if you need one for your current or potential future billet.

I bought at my previous unit and held the house when we moved because the local market wasn't good in 2004. We rented it out for two years and then sold in 2006. The writing was on the wall at that point and I knew that if I didn't sell it, I wasn't going to be able to. It was easily the best decision I've ever made. We transfer this season relatively worry free. Good luck to those trying to sell; I know where you're at! My house sat empty on the market for about six months before it sold.

Travis

I knew I was transferring in 08 so I put my house on the market August 06. I haven't received a bid yet and am ready for a short sale. I plan on renting ot at over a $300 loss per month.