Ask around Burleson why people moved, and you will rarely hear "the market." You will hear about a marriage ending, a set of orders, a nursery, a parent who passed, or a house that got to be too much. The downside of a life-change move is that it usually comes at the worst possible time, and you make big money decisions while you are tired or grieving. That is why I want to talk about it now, in November, while there is still room to plan next year instead of reacting to it.
I call these the D's of moving. Not all of them are sad. All of them are real. If one of these is on your horizon, here is what is worth knowing, and who to ask.
This one comes with two kinds of questions, legal and financial, and I handle neither. Your attorney handles the first. A lender handles the second.
The trap I want you to know about: TexasLawHelp says a mortgage company's right to payment is not changed by a divorce decree. If the decree gives the house to one spouse and that spouse stops paying, the lender can still come after the other one. So before anyone agrees to "just keep the house," ask how the other name actually comes off the loan.
Texas law also generally says neither spouse can sell the homestead without the other joining, so ask your attorney how a sale would work in your case. Get a real number on the home first. That makes every conversation easier.
Military families do this with very little warning, and there are protections worth knowing. Under the Servicemembers Civil Relief Act, the Justice Department says a servicemember can end a residential lease early, without penalty, after receiving orders for a permanent change of station or a deployment of 90 days or more. Military OneSource says that takes written notice and a copy of your orders.
If you own, the home-sale tax exclusion normally looks at the last five years. IRS Publication 523 says members of the uniformed services on qualified extended duty can elect to suspend that five-year window, for up to 10 years. If you think you will sell a home you left behind, ask your tax advisor early. And yes, you can use a VA loan more than once.
Your military legal assistance office knows this better than I do. Use it.
Nobody warns you how emotional this one is. It is a lot of closets and a lot of memories, and it is worth starting long before you list.
There is good news if you are 65 or older in Texas. You may qualify for an extra $60,000 school homestead exemption and a school tax ceiling on your home. When you move, you do not necessarily lose that ceiling. Dallas Central Appraisal District explains that you may be able to carry over the percentage to a new Texas home by requesting a certificate from the appraisal district for your old home. County and city ceilings have their own rules. Ask before you buy, and read why the seller's tax bill will not be yours.
Also ask your CPA about the home-sale exclusion, which can reach $250,000 of gain, or $500,000 on a joint return, if you meet the IRS tests. If you bought your home decades ago, ask first. Then decide what you want your next home to do for you. Fewer stairs, less yard, closer to the people you love. Those are your decisions to make.
This is my lighthearted way of saying that sometimes a home just stops fitting your life. Maybe you need another bedroom, a laundry room that is not in the garage, or a yard you can see from the kitchen. Maybe a parent is moving in, or a grown child is moving back.
What you need is yours to define. I do not tell anyone what kind of neighborhood is right for their household. You tell me the features you want, and I find homes that have them.
The honest part: more house usually means a bigger payment, more insurance and higher utility bills. Before you shop, see whether you could stay and change the house. Renovate or move is a fair question, and buying first or selling first is the next one.
If you just lost someone, please hear this first: you probably do not have to decide anything about the house this week. Take a breath. Keep the insurance and the mortgage current, and call an attorney before you sign or sell anything.
A few facts for when you are ready. If the home had a mortgage, federal law generally stops a lender from calling the loan due because of certain transfers, including a transfer to a relative after a borrower's death. The CFPB says that once your ownership is confirmed, servicers treat you as a borrower under their rules, even if you have not assumed the loan.
The IRS says inherited property generally takes a basis of its fair market value on the date of death. A surviving spouse may also qualify for the $500,000 exclusion if they sell within two years and meet the other tests. Those are real money questions, so bring them to your CPA.
TexasLawHelp says a will generally has to be filed for probate within four years of death. And for anyone planning ahead, a transfer on death deed only works if it is recorded before the person dies. A surviving spouse age 55 or older may also keep a late spouse's age 65 exemption. Your attorney and appraisal district can walk you through it.
There is no shame in this one, and acting early gives you more options. If you are behind or about to be, call your mortgage servicer right away. The CFPB lists options that may be available, including a repayment plan, forbearance, a loan modification, a refinance, a short sale or a deed in lieu of foreclosure.
You can reach a HUD-approved housing counselor at 800-569-4287, or call the HOPE Hotline at 888-995-4673. The CFPB is clear that you do not have to pay anyone to help you avoid foreclosure. Walk away from anyone who asks for money up front, guarantees a result, tells you to stop paying your mortgage or asks you to sign over your title.
If you have equity, selling on your own timeline may be one option. Talk to a counselor or an attorney first, then let's look at what the house is really worth.
Life will still do what it does. You just get to walk into it with a plan. And if the D on your list is one you cannot say out loud yet, that is okay too. Take your TIME.
Not always. Unless money, safety or a court order is forcing the timing, it often helps to pause, talk with the right professional and look at real numbers first. Your attorney, CPA or lender can help you weigh it.
Keep the payments and the insurance current, and call an attorney. Federal law generally limits a lender calling the loan due after certain transfers to a relative, and the CFPB says servicers must treat confirmed successors as borrowers under their rules.
Call your servicer right away and contact a HUD-approved housing counselor at 800-569-4287. The CFPB says you do not have to pay anyone to help you avoid foreclosure.
Something changing next year, or just maybe? Book a quiet conversation with me, with no pressure and no obligation, or see how selling works when you are ready.
REALTOR® · BHHS PenFed Realty Texas
I help buyers and sellers across the Dallas–Fort Worth Metroplex — Fort Worth, Burleson, Southlake, Crowley and Keller, and the surrounding Dallas area. I write these because they are the questions I answer on the phone every week, and most people never get a straight answer to them. If you have one I have not covered, ask me — I will probably turn it into the next post.
