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#1330993 - 01/26/10 05:21 PM Relocation
opsoff Offline
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opsoff
Joined: Jan 2008
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Probably at the Dentist
Has anyone here had experience with relocating for a job offer and had to juggle having a home/mortgage with needing to find another home/mortgage? I've been tapped by a hiring firm for a banking position in a city several hours south of here. I own a home that I have no equity in and have no clue how to juggle this should they go forward with wanting to hire me. Renting probably won't be an option, I have too many animals and they are my kids, they go with me, no exceptions.
Thanks
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#1331048 - 01/26/10 06:12 PM Re: Relocation opsoff
Aggs Offline
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Hoosier Country
Yep - I've done it twice. I am currently in the middle of that second time. I have a house for sale in one state and living in another house here.

The first time we did it, we bought a house right away in the new location. 2 years later we had to move again and we're trying to sell. Again. It's a pain. So this time, we moved to the new state but instead we're renting a nice condo with an option to buy later. Many places that are for sale AND for rent will let you bring your animals.

Anyway, what do you want to know? I've relocated for a job in 2007 and just did it again in November 2009. I'm a pro by now wink
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#1331058 - 01/26/10 06:20 PM Re: Relocation Aggs
bOaty Offline
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Chillin an grillin
I've done it once but I was lucky enough to sell my beautiful home just in time to move.

Unfortunately, I wasn't able to get another house that was as good as the one I sold. frown But I'm tahnkful that I didn't have to juggle two homes at a time.

Good luck with the new opportunity opsoff!
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#1331066 - 01/26/10 06:22 PM Re: Relocation bOaty
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Hoosier Country
That's what I'm dealing with. My heart HURTS when I think about the house we love sitting empty for sale... And it hurts everytime I think about that house and our time there. The location, the neighborhood. It sucks. I don't think we'll be able to find a better place... frown
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#1331083 - 01/26/10 06:33 PM Re: Relocation Aggs
opsoff Offline
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Probably at the Dentist
Well, I'm pretty sure I'm not going to be able to sell it for what I owe on it currently. We bought at 100% because we didn't think we would be moving for the next 10 years or so, LOL. I'm figuring I may have to rent it for a few years to get some equity in to it at this point. It won't be hard to rent because we live just a few streets away from a large primarily womens college. The neighbors have told us that it was rental property several years before we purchased it. The last few years have been brutal on our savings so I'm not sure how I can swing getting another mortgage at this point. I really don't think I can find somewhere to rent, I have 1 60lb Shepherd mix, 5 fancy rats and 10 cats, 5 of which have been rescues and failed fosters (just so you know, I'm not a crazy cat lady!). So if my plan would be to use this one here as rental and buy again, what options should I consider? Also, they've offered to help with relocation costs but don't have a set package so what would be okay to ask for?
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#1331089 - 01/26/10 06:36 PM Re: Relocation opsoff
opsoff Offline
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Probably at the Dentist
I seriously mortgage ignorant by the way. Anything other than a traditional 15, 20 or 30 year fixed scares the crud out of me because I don't really understand how they work.
Last edited by opsoff; 01/26/10 06:36 PM.
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#1331102 - 01/26/10 06:44 PM Re: Relocation opsoff
HappyGilmore Offline
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Pulling people out of the ditc...
ops - you can certainly ask them to pay for temporary housing for a period of 6-months. That is pretty much a standard time for the bank I used to work for. Depending on the position you are going in to, they may even be willing to purchase your existing house. However, this usually only happens at the SVP level or higher. When you decide to purchase, downpayment assistance from the bank could also be included in your contract, if the purchase date is within X months of your taking the job (I've often seen $10,000 if buying within 6 months).

Remember, they approached and are recruiting you, so they can't say no if you don't ask...
Last edited by HappyGilmore; 01/26/10 06:45 PM.
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#1331115 - 01/26/10 06:52 PM Re: Relocation HappyGilmore
opsoff Offline
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Probably at the Dentist
Thank you Happy! They are a 50+ branch bank, the position is Assist. Director of Deposit Ops, supervisory over about 30 people. That's a title I've never seen before so I have no clue where it falls in the "food chain." I told the recruiter that it would take at least 10K over my current salary for me to consider the move and she said that really wouldn't be a problem at all. Since they have no set relocation package it would probably end up being a hash it out deal so I appreciate any knowledge on what's normal in that aspect. My boss suggested 6 months worth of temp housing coverage but I never thought about asking for downpayment assistance.
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#1331131 - 01/26/10 07:08 PM Re: Relocation opsoff
Countess Kiwi Offline
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Minnesota
You may also want to consider an allowance for moving expenses or for them to pay for the move depending on the distance. We have moved across a few states 3 times now and that has been a part of the hiring package. Also look into health care coverage if you have to cobra for an extended period if your new employer doesn't have automatic coverage. Our last move they paid for the movers, we did the packing, but the company paid for packing supplies. We did the 2 mortgage deal for a few months. If you are going to rent, ask for the amount of deposit and first month's rent.

I too miss my old house/town a lot and hope to go back there in the future.
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#1331142 - 01/26/10 07:15 PM Re: Relocation Countess Kiwi
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My current job paid for the full service movers, the 2 months security deposit/downpayment on my condo rental and first months' rent. I was fine with that. We negotiated that from them initially offering only to cover moving costs.

My Indianapolis job gave me a lump sum relocation package, more like a "signing bonus" and I used that for various expenses associated with selling my house in order to move - we had to take an out-of-pocket loss so the signing bonus helped with that.

We also bought our house in Indianapolis on 100% financing, since we were pretty much drained after getting hit on the house in Michigan. We were also counting on living there for many years to come. However, due to the area we're in and some extra principal payments we made, we do have some equity to work with at this point...

But I have been there, done that - so I can appreciate your dilemma! At this point I just want my life to move forward and my house in Indy to sell...

Good luck in your negotiations and with your decision!
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#1331143 - 01/26/10 07:16 PM Re: Relocation Countess Kiwi
Skittles Online
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TN
When my husband relocated with a new job they paid our moving expenses and realtor fees on the house we sold - along with a sign on bonus.
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#1331159 - 01/26/10 07:27 PM Re: Relocation Skittles
opsoff Offline
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I've moved 6 times in 10 years. I really, really, really don't want to move again, except it would be a great opportunity for me. Aside from the 2+ hour drive with screaming cats I have 2 fish tanks, a 30 and a 39 and they are such a pain to move (the dog and rats won't care). Moving costs would be an absolute requirement although I'm not sure I want someone else packing my stuff, so maybe not full service.
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#1331192 - 01/26/10 07:39 PM Re: Relocation opsoff
Skittles Online
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Ah - I thought the same thing, but loved it. Of course when I was unpacking boxes I was never quite sure what I was going to come across. They packed and labeled boxes by room.
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#1331208 - 01/26/10 07:47 PM Re: Relocation Skittles
opsoff Offline
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Probably at the Dentist
Yeah, hubby would be all for sitting back and letting someone else do it. The sad thing is we moved into this house in Oct. '07 and this past weekend I finally was able to put the last approximately 50 Boyds Bears I still had boxed up out into cabinets.
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#1331257 - 01/26/10 08:16 PM Re: Relocation opsoff
Countess Kiwi Offline
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Minnesota
My SIL just moved and they packed and unpacked her boxes. So, items were unpacked and left on flat surfaces and within 2 weeks she was fully moved in. Took a lot of stress off of the move.
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#1331605 - 01/27/10 12:36 PM Re: Relocation Countess Kiwi
waldensouth Offline
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I know that some companies hire relocation companies who purchase your old home and move you to your new home. Are there any out there that will do this for an individual?
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#1331664 - 01/27/10 02:12 PM Re: Relocation waldensouth
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Hoosier Country
I *LOVED* our full service movers. This is the first time we could afford to use them (since my company was paying for it) and WHAT A DIFFERENCE! I only packed up things that were valuable to me (mostly my jewelry) and they did everything else. It was AWESOME. I highly recommend it.
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#1332063 - 01/27/10 05:45 PM Re: Relocation Aggs
opsoff Offline
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opsoff
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Probably at the Dentist
I think hubby would probably make me take full service moving if we move again. Then he can just sit in the car and listen to the chorus of howls, screams and screaches from the cat carriers in the back set instead.

Thanks for all the idea's everyone, it's been a big help and brought the whole situation into better focus for me. I'm in a holding pattern right now waiting for contact back from the hiring firm.
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