Relocation Packages

MsRo1976 · December 2011

Hi everyone,

I am new to the knot (getting married August 25th, 2012 but got engaged Nov 15!). I am also new here... I currently own my condo but got a new job in FI's hometown and will be accepting a relocation package (I am VERY lucky). Anyway, I have so many questions on how these things work, but I can't talk to the relo company until I accept the offer. Has anyone been through relo with Coldwell Banker, and how was the whole experience?

I am afraid I will be homeless out there between not being able to sell my condo and buying a new home out there. Has anyone been in this situation before?

TarHeels&Rebels · December 2011

"Relocation package" can mean a million different things. Sometimes they'll buy your house from you, sometimes they'll pay for full-service movers, sometimes they'll just give you a couple grand for expenses. Do you know which of those levels they're talking about?

3Girls3xsTheFun · December 2011

TarHeels&Rebels:
"Relocation package" can mean a million different things. Sometimes they'll buy your house from you, sometimes they'll pay for full-service movers, sometimes they'll just give you a couple grand for expenses. Do you know which of those levels they're talking about?

Ditto.

And in my experience, all of the money that was given for relocation was added on to my yearly income, so my taxes for that year were terrible.

MsRo1976 · December 2011

Wow- good to know about the taxes thing... I know I am getting $3k for miscellaneaus expenses (it says with tax assistance). They do a buyout after the house is on the market for 120 days at 97% of the appraised value and pay for all closing costs and realtors fees as well as packing and moving expenses and up to 60 days in temporary housing. I have been told that this is a nice package, (my sister's hubby is VP with a Fortune 500 med device company and I got a better package than he did.) I am just concerned that I can't buy a house and that there will be a gap for 2 months from when they buy me out until we can close on a new house (so no down payment).

cheetah*run · December 2011

Very similar to my package, only 60 days and 95%.

We had the benefit that the company fronted the equity from our house to put toward as a downpyment, provided we worked within the network of lendors. You can ask if they provide this.

Also, when are you needing to report in for position? If the position starts feb 1, then market the house NOW. Dec/jan would be 60 days while you are living in the house, then feb/march would be 90-120days, which would be covered in your temp housing. If the house sells sooner, then you still have the 60 days to house hunt in the new area. Your relo agent will be able to close loans fast provided your financials are in order! If this is an internal relo, the departments may be flexible with your start date. Just play with several timeline scenarios.

MsRo1976 · December 2011

Thanks! This is great info. I haven't gotten my start date yet (this is a new company I am working for). I just wanted to be sure that I would be OK and would be able to buy a new house immediately.

I don't expect my condo to sell. Only cash buyers are allowed into the building right now due to construction and I was the last person to move in here (3 years ago, not with cash). I will definitely need the buyout... and fortunately I am not underwater. I think I am in good shape and will accept the offer on Monday. Thank you again- I am sure I will be back with more questions!

mgfit1 · December 2011

We just relocated and were lucky as our house sold immediately - 2 offers in less than 24 hours. We were in temp housing but we did a short term lease knowing it would take some time to find a new house. We moved into temp housing in mid Aug and just moved into our new home a few weeks ago. Can you figure out how long you can stay in temp housing and afford it? We were able to bring our furniture to our apartment so it was not furnished and put the rest of our stuff in storage. We had 2 months of free storage but after that we had to pay for storage but our monthly rent was much less than what it would have costed to rent a furnished apartment. They covered our move from our old home to the apartment and storage and the move from the apartment and storage to our new house. They also paid all the realtor fees associated with selling our home in addition to a cash lump sum for incidentals that was very generous.

msmerymac · December 2011

MsRo1976:
Wow- good to know about the taxes thing... I know I am getting $3k for miscellaneaus expenses (it says with tax assistance). They do a buyout after the house is on the market for 120 days at 97% of the appraised value and pay for all closing costs and realtors fees as well as packing and moving expenses and up to 60 days in temporary housing. I have been told that this is a nice package, (my sister's hubby is VP with a Fortune 500 med device company and I got a better package than he did.) I am just concerned that I can't buy a house and that there will be a gap for 2 months from when they buy me out until we can close on a new house (so no down payment).

Is there a reason you can't rent for a year or two?

MsRo1976 · December 2011

msmerymac:
MsRo1976:
Wow- good to know about the taxes thing... I know I am getting $3k for miscellaneaus expenses (it says with tax assistance). They do a buyout after the house is on the market for 120 days at 97% of the appraised value and pay for all closing costs and realtors fees as well as packing and moving expenses and up to 60 days in temporary housing. I have been told that this is a nice package, (my sister's hubby is VP with a Fortune 500 med device company and I got a better package than he did.) I am just concerned that I can't buy a house and that there will be a gap for 2 months from when they buy me out until we can close on a new house (so no down payment).

Is there a reason you can't rent for a year or two?

We can't rent first because that isn't part of the relo package. Also, they pay all closing costs, realtor fees, inspection fees, etc. so it would be a waste not to take advantage of that.

Pamela05 · December 2011

We rented for 3 months while we house hunted (and that was with me already being very familiar with the area). Our cash assistance included in the calculation housing for 30 days. They also paid our closing cost on the new house as long as we closed within the first year. Check into that because buying a new house isn't something you want to rush into because you think you have to.

Relocation Packages

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