Home buying/selling help?

[HackFuJones]

Just a question on if I decide to buy a home during residency... If I buy one and then once residency is over if i am required to move (most likely), does the military have any options to help you sell your house or accomodate housing while you wait to sell.

Thanks

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[The White Coat Investor]

Just a question on if I decide to buy a home during residency... If I buy one and then once residency is over if i am required to move (most likely), does the military have any options to help you sell your house or accomodate housing while you wait to sell.

Thanks

Yes. It is called BAH. You use it to pay for your new place while you rent out your old one. There are TLFs (temporary lodging facilities) for you to live in while you look for a new home, but you usually can't stay there more than 30-60 days, and you have to pay a low hotel rate for it.

The military doesn't sell your home for you, but you might be able to find a slightly lower realtor fee for being military (probably through USAA.)

 

[hidradenitis]

Try www.militarybyowner.com for renting/selling/buying. We used it to rent out our old house.

 

[orbitsurgMD]

Just a question on if I decide to buy a home during residency... If I buy one and then once residency is over if i am required to move (most likely), does the military have any options to help you sell your house or accomodate housing while you wait to sell.

Thanks

No, they don't.

I knew a doctor who lost a large amount of equity, in fact went underwater on his house, when a BRAC determination and announcement caused the local housing market where he lived to crash. No help from the Army there. It hurt him for quite a few years afterward.

Unlike big companies that guarantee or broker home sales for employees being transferred elsewhere, the military does nothing similar for its members (except provide near-useless cautionary "advice"); you are on your own. That is something to consider if you are transferred somewhere where the military base is the only significant industry around.

 

[Two-Bit]

Before you buy, take a look at this website, then re-examine your decision.

http://patrick.net/housing/crash.html

 

[FutureNavyFP]

If you know for sure you wont go GMO and you are in a longer residency program it might be a good idea for you to buy. Otherwise rent.

 

[DogFaceMedic]

Buy. (Usually)
The DoD is giving you $20K/yr that can go straight to equity. If you are expecting to transfer with 1-3 yrs then adjust how you finance the purchase costs.
As for BRAC: None are on the horizon for several years. Small bases are obviously more susceptible to changes, but if you research your area, you can make a better decision. And, regardless if military or civilian, the dynamics of hot vs cold market psychology causes fluctuations in real estate we can hardly control.
Buy.