Handling closing costs when selling at a loss?
My husband was offered a slightly higher paying job 4 hours away from where we currently live. This is an area we would love to live in and offers more opportunities than what are currently available for us where we live now. We know we will most likely be able to only sell our house at what we paid for it, or at a loss. Regardless, we’re going to have between $ 12-15k in closing costs we estimate. We don’t have that kind of money available due to my job loss. Also, we will not have the leftover equity to cover that amount. How does that work? Would the closing costs, mainly agents fees, be wrapped into our next mortgage, or should we throw in the towel and stay put? We are, as I’m sure many Americans are, beginning to feel trapped. We feel very fortunate for the opportunity and would love to take it. And yes, I am actively searching for a job as well. If I’m able to get one, this might not even be a problem.
We are both veterans, so rolling all closing costs on the next house together for the next mortgage is possible.