Buying A Home
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Putting our home up for sale prior to relocation?
My husband is going to be relocated into a promotion by the end of the summer, which gives us 7 months max before we move. His company will tell him approx 4 weeks before we will have to start his job, and they are providing a flat stipend for relocation of $6500, which will maybe cover the moving trucks if we are lucky. Once we find out the location I can immediately start applying for positions within my company in the area should any be available. I would be willing to lag behind for a max of three months and if nothing within my company opens up take a sabbatical within the company which they allow unpaid for up to 6 months.
Ideally I will be able to get a "promotion position" which will provide us with full relocation benefits which includes my company buying our home from us. However my first concern is just getting a position so I can join my husband as quickly as possible, so if something came up that is a lateral move I wouldn't not apply simply because its not a promotion position.
Knowing this we are thinking of putting our home on the market in late march/early april to see if we can unload it so that when we move its already done. If it sold prior to our move we would rent a shortterm rental somewhere local or we "could" live at my ILs but I would likely only do this if he moved earlier than I did so we weren't paying two rents. We feel like in this market it will take a while to sell and it would be a better problem to sell it before we need to move than not sell it and have to move while still owning. We are planning on having our realtor over in Feb and give us a short list of items she would have us do to have it ready for the market and to give us an idea on what we could sell for and how much realtor fees will push us back.
Is it dumb to sell our home when we don't have the actual relocation offer in hand? Would you do the same given the circumstances with his relocation package even with the chance of my relocation package paying for everything? Why/Why not?
Ideally I will be able to get a "promotion position" which will provide us with full relocation benefits which includes my company buying our home from us. However my first concern is just getting a position so I can join my husband as quickly as possible, so if something came up that is a lateral move I wouldn't not apply simply because its not a promotion position.
Knowing this we are thinking of putting our home on the market in late march/early april to see if we can unload it so that when we move its already done. If it sold prior to our move we would rent a shortterm rental somewhere local or we "could" live at my ILs but I would likely only do this if he moved earlier than I did so we weren't paying two rents. We feel like in this market it will take a while to sell and it would be a better problem to sell it before we need to move than not sell it and have to move while still owning. We are planning on having our realtor over in Feb and give us a short list of items she would have us do to have it ready for the market and to give us an idea on what we could sell for and how much realtor fees will push us back.
Is it dumb to sell our home when we don't have the actual relocation offer in hand? Would you do the same given the circumstances with his relocation package even with the chance of my relocation package paying for everything? Why/Why not?
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Re: Putting our home up for sale prior to relocation?
- you don't have a guarantee of a position being available for you to transfer to?
- you don't have a guarantee that your company will pay for a relo package even if a position were open for you to transfer to?
Unless you were seeking to unload this house anyway ... then no, I wouldn't put it on the market when there is really NOTHING in your plan that is guaranteed.
Do you know for sure that your company will provide fully paid relo packages to employees who SEEK a transfer within the company?
DH has worked for major companies in NYC/NJ at executive level and even with those companies relo packages are reserved for the highest levels and even then most have done away with 'buying houses' - the tend to pay for closing costs, moving expenses, and sometimes will put up $$ in the event of needing to make up a difference with the bank on an accepted offer.
We relo'ed from NJ to IA last November and we were fortunate to have the relo fully paid for but even then they didn't buy the house but did pay the bank the difference between accepted offer price and amount owned the bank. But typically most would not do this for an internal transfer that was the CHOICE of the employee and not requested by the company.
Final answer: it doesn't hurt to get the info from your REA and know the details but unless I wanted out of my home regardless if we ended up moving ... I wouldn't sell until there were solid guarantees of what was to come.
My husbands relocation is the reason for the move, which is said to be "guaranteed" by his management but its not in writing, which I feel in this economy nothing is guaranteed until it is in writing. My company will provide relocation for me if I am able to find a promotion position.
I am in sales and if any territory opens I will take it, but if a specialty sales position is open I can apply and receive full relocation. Buying our home included. I don't want to depend on this however since a specialty position may not be open I want to be prepared to take care of the relocation ourselves.
So overall DHs is as guaranteed as you can get without it being in writing, and my own relocation depends on what is open within my company. My DH is the breadwinner so we are planning on following his relocation and my move comes on the back burner.
Our thought was to unload the house so we won't have to worry when the move comes, but I guess it would be awful if it fell through and we were stuck in CT with no house. Now I am more confused.
You said it yourself: nothing is guaranteed until it is in writing.
If you are willing to take the chance of this falling through and having no house, then yes, go ahead, but personally I'd wait.