U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > General Moving Issues
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-16-2007, 12:51 AM
 
Location: Tennessee/Michigan
28,209 posts, read 47,610,571 times
Reputation: 19722

Advertisements

The offer was too good to turn down. Just after selling his home and moving to a new place, Joe Cashen landed a marketing job with Nissan North America. The catch? He would have to sell his newly purchased home and move his wife and two young daughters from Los Angeles to Nashville.
Two years ago, amid the feverish housing market, such a relocation would have been simple.

But the real estate slowdown means there's no such thing as an easy move anymore: Slumping prices have put a sudden chill on employees' ability to relocate for a job and employers' ability to get new hires to move. Cashen's house languished on the market for more than three months, and he was eventually forced to take a $90,000 loss.


"I was incredibly anxious. I was supposed to move to Nashville, and the clock was ticking," says Cashen, 38, who sold his California home in 2006 after dropping the asking price three times. "It was quite a stressful time. We had to just get rid of it."

Gone are the days when companies could move employees and new hires around like puppets on strings. Now, the sluggish housing market is creating hassles for employers and employees struggling to move and to sell homes in what has quickly turned into a buyer's market.

More of this subject below at the link.

http://www.usatoday.com/money/econom...ate-usat_N.htm
Reply With Quote Quick reply to this message

 
Old 03-16-2007, 05:53 AM
 
Location: Chillicothe, IL
196 posts, read 968,745 times
Reputation: 76
That is an interesting story. I don't know if I would be able to relocate anywhere. At least anywhere that I would want to live. Trying to sell my house quickly would be one problem. I think the bigger problem would be trying to find an affordable home. My income would have to double.
Reply With Quote Quick reply to this message
 
Old 03-16-2007, 10:29 AM
 
Location: Springfield, Missouri
2,814 posts, read 12,074,093 times
Reputation: 2000001303
The company I used to work for would transfer an employee and handle the house sale. If the house didn't sell, the company paid market price for it and then held onto it to sell it themselves and paid the employee so s/he could move to the new assignment. I don't know if they still do it.
Reply With Quote Quick reply to this message
 
Old 03-16-2007, 11:05 AM
 
Location: Falling Waters, WV
1,502 posts, read 6,749,803 times
Reputation: 786
Quote:
Originally Posted by MoMark View Post
The company I used to work for would transfer an employee and handle the house sale. If the house didn't sell, the company paid market price for it and then held onto it to sell it themselves and paid the employee so s/he could move to the new assignment. I don't know if they still do it.
I've heard of this, the company usually hires a relocation company to handle it. I know that I have looked at homes being sold from them.
Reply With Quote Quick reply to this message
 
Old 03-20-2007, 12:09 AM
 
Location: Michissippi
3,116 posts, read 7,158,820 times
Reputation: 2055
Even with the $90,000 loss, he could probably buy a bigger house in Nashville for the money he received for the California house.
Reply With Quote Quick reply to this message
 
Old 10-17-2008, 10:41 PM
 
5 posts, read 21,814 times
Reputation: 20
Angry my house won't sell living apart

I am stuck in the middle of a relocation, living apart from my spouse who has already moved to the Chicago area for his new job, many months ago.

We had one of those relocation packages from Cartus that included buying our house from us based on the average of two appraisers. Well it has been a combination of a slow housing market and a really unfair formula that the appraisers are instructed to use when valuing our home that have resulted in a relocation with no end in sight. We were offered 60% of our homes value, meaning we would have lost several hundred thousand dollars if we took the offer. The maddening thing is that when my husband took the job, he was assured by Cartus that this buyout would be based on market value, but that it would be slightly lower than what a homebuyer would offer us. This turned out to be very far from the truth. But now we are stuck. Not sure how it will end.
Reply With Quote Quick reply to this message
 
Old 10-19-2008, 08:43 AM
 
Location: Finally back "home" in Ohio
620 posts, read 1,781,939 times
Reputation: 398
Unlucky- We are dealing with Cartus right now. My dh's company quit doing the buyout directly unless you were a top executive ( which my dh is not). You are fortunate that your company is still doing the buyout program. I am sorry that Cartus isn't working out for you. They have been wonderful on our end. In fact, we have a contract for our house and soon as the buyers get the final approval-we are out of the picture and Cartus allows us our money and we can move on to purchase a new home.

I think many companies are scaling back about the buyout programs. My dh's company would buyout a house after three months on the market, but they quit last September. My dh got hired in December.

I wish you the best of luck with your housing situation. Believe me- I know how tough it can be!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > General Moving Issues
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top