Need Advice, tough decision to make

[SnyderShrugged]

I'm in a bit of a bind. My company has presented a fairly significant career opportunity to me. They have aquired a small insurance company down in SC (just outside of Charlotte, NC) and they want me to become the first representative of our large company to reside there and for lack of a better term...be their "Grand" process owner. Think of it as a role that oversees everything process related, including creating new processes that will mesh with the larger corporate ones, as well as conducting significant process improvement work, teaching and certifying Six Sigma teams, and overall, try to find savings and benfits by eliminating waste and defect potential.

It really is a huge role with awesome career advancement potential. I feel I can do the job, and that I can do very well with it.

On to my quandry. It's the housing market. I have a large home, in a nice area that is often sought after as having one of the better school districts in the state. I've only got about $50k equity to play with.

My worry is that I wont be able to sell the house in a reasonable amount of time. My wife and little girls will be staying at the house until it sells, so there is potential to be apart from them for a very long time.

Should I still take the risk, knowing that there may be trouble selling? Should I try to use an auction to sell rather than a realtor, in order to gain a quick sale? Or, should I ignore the opportunity and carry on in status quo?

I've prayed on this daily and still am having trouble making a decision. My family really wants to move, so that isnt a barrier, and to be honest, that area is one that I would like to settle down in.

Any advice from folks in the real estate industry and/or any other related industry that could help me ease my growing fears of making the wrong decision?

Thanks!

[SnyderShrugged]

I forgot to mention that I should be getting some relcation help (realtor fees, movers and maybe a lump sum to cover temporary living expenses)

[twa]

Perhaps look at recent sales in your neighborhood? The County tax office should list them.

The housing crisis seems to be only truly effecting certain sectors imo,and both home values and available financing are fairly stable on good values.

Not in the industry obviously,so take it for what it's worth.

[SnyderShrugged]

Perhaps look at recent sales in your neighborhood? The County tax office should list them.

The housing crisis seems to be only truly effecting certain sectors imo,and both home values and available financing are fairly stable on good values.

Not in the industry obviously,so take it for what it's worth.

Thanks TWA, I've been told that while our area has taken a bit of a hit, that its not nearly as bad as most areas in comparrison.

There are a few homes that sold in my neighborhood, some took a long time and others were a bit quicker. It's feeling like a simple roll of the dice to me, and thats a bit scary. Though, this is the best chance for us to get out of a home that is increasingly becoming more and more expensive to keep up. We want to scale back a lot. The realtor fees that will be covered (hopefully, or I'll say no) is a huge saver for us since we'll probably have to sell eventually regardless of where I end up working

[Midnight Judges]

Not sure about all the home stuff but Charlotte is a very cool area to be right now. Just got back from there a few weks ago and it's somewhere that IMO is a very attractive place to live.

[HighOnHendrix]

Though, this is the best chance for us to get out of a home that is increasingly becoming more and more expensive to keep up. We want to scale back a lot. The realtor fees that will be covered (hopefully, or I'll say no) is a huge saver for us since we'll probably have to sell eventually regardless of where I end up working

I don't know what prices of houses is like specifically in SC, but as a guy who has relocated from the Mid-West (Ohio) to the Atlantic Coast (Hampton Roads via Maryland) I can tell you that houses are WAY more expensive out here on the coast. It may also be that my wife and I have just happened to end up in the more expensive places, dunno not in real estate. But that is my experience, take it for what it's worth, I guess. :2cents: Anyway that's part of the reason we are still renting (been together for about five years).

[SnyderShrugged]

Not sure about all the home stuff but Charlotte is a very cool area to be right now. Just got back from there a few weks ago and it's somewhere that IMO is a very attractive place to live.

I definitely agree. We go there quite a few times a year to visit family. My wife's two brothers live there (well, now one is in Boone). Thats the main reason my wife wants to live there too, she really misses her family and I feel like I owe it to her after moving her all around the country these past 9 years.

[SnyderShrugged]

I don't know what prices of houses is like specifically in SC, but as a guy who has relocated from the Mid-West (Ohio) to the Atlantic Coast (Hampton Roads via Maryland) I can tell you that houses are WAY more expensive out here on the coast. It may also be that my wife and I have just happened to end up in the more expensive places, dunno not in real estate. But that is my experience, take it for what it's worth, I guess. :2cents: Anyway that's part of the reason we are still renting (been together for about five years).

we are actually considerring renting for a year too. It would allow us to have more time to find that perfect home.

[TMK9973]

Is your company paying for your relo?

This is all about negotiating a relocation package. Take it from someone who has negotiated 4 relo packages (turned down 1).

Feel free to ask for the following

1) The company buys your house at market value if not sold in XX amount of weeks.

2) They pay for closing costs (up to 3% of the value) for you to sell and to buy a new home

3) Besides paying for all reasonable costs, they also give you a cash payout for misc expenses after you move.

remember 3 things.

1) Everything is negoiatable. Not to mention that right now, all the costs tied with the buying of the other company is being considered a one time expense that might not effect their P&L. Your expenses will be included in that account.

2) Any moving expenses you have that are NOT paid for by the company, are tax deductible.

3) Depending on how they are willing to pay for you to move shows you exactly how big (or small) the opportunity is for you.

BTW - One last thing - There is also some risk here. They bought the company because the company was not survive on it's own. You might end up being the one that gets the great job of laying people off and maybe even shutting everything down.

If you take it, you should have a agreement that says 1) If you quit in the next 2 years or so, you have to payback a pro-rated amount of what the company spent on your relo and 2) if your job is eliminated or you are laid off without cause, the company either moves you back at their cost or gives you a big severance package (6 months or so).

Good luck.

[SnyderShrugged]

Is your company paying for your relo?

This is all about negotiating a relocation package. Take it from someone who has negotiated 4 relo packages (turned down 1).

Feel free to ask for the following

1) The company buys your house at market value if not sold in XX amount of weeks.

2) They pay for closing costs (up to 3% of the value) for you to sell and to buy a new home

3) Besides paying for all reasonable costs, they also give you a cash payout for misc expenses after you move.

remember 3 things.

1) Everything is negoiatable. Not to mention that right now, all the costs tied with the buying of the other company is being considered a one time expense that might not effect their P&L. Your expenses will be included in that account.

2) Any moving expenses you have that are NOT paid for by the company, are tax deductible.

3) Depending on how they are willing to pay for you to move shows you exactly how big (or small) the opportunity is for you.

BTW - One last thing - There is also some risk here. They bought the company because the company was not survive on it's own. You might end up being the one that gets the great job of laying people off and maybe even shutting everything down.

If you take it, you should have a agreement that says 1) If you quit in the next 2 years or so, you have to payback a pro-rated amount of what the company spent on your relo and 2) if your job is eliminated or you are laid off without cause, the company either moves you back at their cost or gives you a big severance package (6 months or so).

Good luck.

Thanks TMK, I've been able to cover many of those issues. The security thing is pretty sound. They have been rolled into the larger company and there is planned growth in volume due to medicare and some other big factors. Also, I can always go back to corporate offices if all else fails.

I wish there was a relo option where they buy my home if it doesnt sell. They stopped doing that 2 years ago for all employees. I've been told by our VP that I'm elligible for the top relo package avaiable though, it will help ease the load, but wont help in easing my home sale fears.

[Burgold]

Can you afford to keep the home or rent it out? If the market won't bare the price you want there is a decent chance that you can find some respectable tennents.

Congrats on the offer. Glad that your company is recognizing you

[SnyderShrugged]

Can you afford to keep the home or rent it out? If the market won't bare the price you want there is a decent chance that you can find some respectable tennents.

Congrats on the offer. Glad that your company is recognizing you

Thanks Burgold! I'm not sure if I could get a tennent for what I'd have to charge. Certainly something to consider.

My VP mentioned that people were starting to use auctions as a means of quick sale. have you ever heard of this option? I was told I could set the minimum price and would have to pay an auction fee. Its something I'd not considered thus far.

[HighOnHendrix]

we are actually considerring renting for a year too. It would allow us to have more time to find that perfect home.

That's pretty much where me and my wife are at right now. We really like this area, so this is probably where we will stay. My wife is an RN and she took a job with a travel nursing company, sort of like being a temp, only different. They paid for a furnished apt for us, so that made it easier to make the move. We took over the rent when she found a perm position. Now we're waiting for that perfect place at the right place to come along.

[SnyderShrugged]

That's pretty much where me and my wife are at right now. We really like this area, so this is probably where we will stay. My wife is an RN and she took a job with a travel nursing company, sort of like being a temp, only different. They paid for a furnished apt for us, so that made it easier to make the move. We took over the rent when she found a perm position. Now we're waiting for that perfect place at the right place to come along.

Renting could work for us, as a temporary measure. We have a large dog and that will be abarrier though.

One other thing we need to consider is that the relo package will provide us with a paid realtor for our buy as well as our sell. I dont want to lose that benefit by renting, but I hope that it will be avaiable for a year.

[SnyderShrugged]

Kind of a strange thing just happened. Our house isnt up for sale yet, but someone just stopped and asked if we were going to be selling? They seemed a little interested, but were keeping their cards close to the vest.

We havnt discussed anything with a realtor yet, could this really be coincidence?

[SC_RedskinsFan]

Try to FSBO your house first and see what happens. You could save a pile of money.

[SnyderShrugged]

Try to FSBO your house first and see what happens. You could save a pile of money.

Please pardon my ignorance. What is FSBO?

NM. For sale by owner. I get it now! (sorry so dense this evening)

[RyansRangers]

If there is a relocation company involved you can just walk away and not worry about it, they will sell it and give you your equity based on what it sells for. You can look to rent the home, in these times when credit is tough to get due to down payment standards you might find yourself in a position to rent the house to someone, and make a little cash too.

[SnyderShrugged]

If there is a relocation company involved you can just walk away and not worry about it, they will sell it and give you your equity based on what it sells for. You can look to rent the home, in these times when credit is tough to get due to down payment standards you might find yourself in a position to rent the house to someone, and make a little cash too.

I wish that were the case. My company does their own relo assistance and they dont offer a buyout option any longer. Must be a sign o the times

[RyansRangers]

Please pardon my ignorance. What is FSBO?

For Sale By Owner Sell it yourself. This is a way to save 6% in realtor fee's however, you will find yourself spending an enormouse amount of time dealing with idiot borrowers and banks, and attorney's.. The only way to do this efficeintly is to hire an attorney to do this for a fee. Unless you have tons of time to show your house, check on the prequal letter, deal with inspections and appraisals.

[RyansRangers]

I wish that were the case. My company does their own relo assistance and they dont offer a buyout option any longer. Must be a sign o the times

Yea it is a sign of the times. I would say if you have an opprotunity to move up and advance your career do it. In these economic times promotions are hard to come by and when the economy comes back around you will be well well ahead of the curve. As for the house, sell it and rent a home for awhile then buy when you find an area you like

[SC_RedskinsFan]

The benefit of FSBO is you can list the price lower, since you are cutting out the 6%. That could equal a faster sale. It does not hurt to try yourself to test the market.

[Prosperity]

I got no advice, but congrats anyway sounds like you are doing well

[Corcaigh]

So your family wants to move and you like the job ...

If your company has imposed some artificial limits on what they will include as a relocation package, perhaps you can negotiate some 'performance milestones' with your VP associated with the new position which will more than cover the cost of you having to rent there while paying your home mortgage in a protracted sale.