If you have experienced job loss in San Diego, chances are you are in a state of stress and uncertainty. Losing a job can impact your family, your finances, and your mental health. When in such a financial bind, many homeowners find that they need to sell their house quickly to stay afloat. When your world seems to be spinning around you, there are options. The easiest solution is to sell your house, “as-is” to a cash buyer. Today, we will dive into some top tips to help you sell your San Diego House after a job loss to help you see the light at the end of the tunnel.
- Financial Impact : The loss of a paycheck means that there are immediate loss of funds coming in on a regular basis to your bank account. In one study, CNBC “. . .found that 61% of Americans are living paycheck to paycheck, up from 58% in March. Many households have tapped their cash reserves over the past few months, LendingClub and other reports show.” So without the steady paycheck, that means bills such as utilities, health insurance, groceries, gas, child expenses to name a few get compromised and puts homeowners in a position to not make their monthly mortgage payment as well. A monthly mortgage payment is one of the largest bills that people have to manage each month and many often rely on their paycheck each month to ensure they have a roof over their head. Without making mortgage payments puts homeowners in the line of fire for potential foreclosure.
- Unemployment Benefits: In California, there are unemployment benefits given, but as Benefits.com outlines, “Unemployment benefits in California are temporary financial aid given to those who have become jobless through no fault of their own.” This means that just because you lost your job doesn’t mean that you are eligible to receive unemployment benefits from the state. One of the most important facts to note as stated above, is that your job loss needs to be of no fault of your own. If you are fired, you will not be able to receive these benefits. You also need to be actively searching for work and physically able to work. Because using “unemployment” is temporary. This is not a long-term solution even if you are granted the benefits. And for anyone that has recieved unemployment checks, you know that the check is usually significantly less than your normal salary making it almost impossible to continue to meet all the bills you have, especially your hefty mortgage.
- Emergency Savings: Now if you are one of the lucky ones, you have a healthy emergency savings waiting for you in time of need, like a job loss. Unfortunately, the majority of Americans are simply not in this situation. Greg McBride, Bankrate’s Chief Financial Anyalyst explains, “Despite 60 percent of all Americans feeling behind on their emergency savings, just 19 percent have increased their emergency savings balances since the beginning of the year. Rising prices and high household expenses have been the predominant impediments to boosting emergency savings.” This statistic does not bode well for the average American and proves that most individuals do not have a large savings to rely on during times of financial distress.
- Searching for a Job: Searching for a job can be extremely stressful and it can take a considerable amount of time. Flexjobs.com tells us that,”On average, it takes about 3-6 months from start to finish to get a job, and you have an 8.3% probability of getting a job interview from one job application,” explains former FlexJobs Career Expert Cidnye Work. “That means it could take as many as 10-20 applications to get one interview. And, on top of that, it can take 10-15 interviews to get one job offer.” Another study they ran said that many find that it takes up to 5 months to land a new job! When you have a mortgage, bills, groceries, gas, car payments, etc. you need a back-up plan while you are waiting for the next job. Since that time frame is rather large, it can put a serious dent and strain on your finances or lack of finances and can significantly affect your future.
- Financial Planning: When you have experienced a job loss, taking a look at your expenses is crucial. You will need to adjust your budget right away and that isn’t always an easy thing to do. For those that find budget planning and financial planning stressful, you may want to seek out a financial planner, career planners, or even non-profit organizations that specialize in helping individuals work through job loss.
Trusted House Buyers
If you are living in San Diego and are experiencing a job loss, selling your home quickly may be the best move you can make for your financial future. Usually when you are dealing with job loss, readying your home for a sale, paying for professional photographers and stagers, updating decor, making home improvements, and adding landscaping is not on the table because … well …. they cost money, not to mention the time and energy it takes to prepare your home for a traditional listing on the San Diego MLS when you should be dedicating your time on finding a job. Hiring a cash buyer investor, like Trusted House Buyers, enables you to get a solid cash offer for your home in the condition that it is right now. There is no need to prepare your home and update your home when you work with Trusted House Buyers. We will take your home in ANY condition, “as-is.” We are able to close usually within 10 days and you will have cash in hand at the end of our process. We aim to keep our process extremely simply and stress free and are able to walk our clients through every step of the process so they feel comfortable with how we work and how our timeline works. We are also completely transparent and do not add hidden fees or take any commissions at all. Our service is to provide you with a viable solution to your stressful financial loss. Check out our website at www.trustedhousebuyers.com and give us a call today at 619-786-0973 to see how we can help you. navigate selling your San Diego home after a job loss.
