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So. Our (current and soon to be ex-) house is under agreement. The buyer's banks' appraisal was conducted yesterday. We're mostly all set to close in about 5 weeks. We found a house and our agent has been preparing data to help us make an offer on it.
Then yesterday, we found out that my husband's smaller division of his larger parent company is to be eliminated. The official announcement won't be made till mid-September, but this is a definite. However, there's a good chance that he'll be absorbed by another division the parent company just bought (he's meeting with them today). If that isn't what he'd like to do, he also has another opportunity with a splinter company started by his division's ex-CEO (who still sits on the board at the larger company).
We're not concerned about him finding a job, or even finding a job quickly. He has a very in-demand skillset and we know he won't have trouble finding another position with the same or a higher salary and position. However, obviously the timing is pretty awful.
We're trying to decide what to do about the house we were planning to make an offer on. Go ahead and make that offer, but with a further out closing date to ensure that things are smoothed out? Make the offer and just hope things fall into place (or can be jostled into place) correctly within the given timeframe? Forget the house for now? We have to have a place to live either way, and while we can couch-surf for a short time with our little boy in tow it's really not my preferred option.
I'm mostly concerned that my husband's starting date at his new job and end date at his old job won't line up correctly, or even just that the banks will contact the wrong place at the wrong time and everything will fall apart.
Has anyone been in a situation like this? Any ideas about how lenient the banks will be if he switches jobs in the middle of the process and can't produce a paystub yet because he just started a new job, etc.?
Ouch! This is bad timing. If he is out of work the day of closing - it's very unlikely that the loan will be made.
The best approach might be to talk to your realtor and loan officer. Clue them into the deal and hope they can put something together - it's not going to be easy.
Best wishes.
Thanks MMichelle--that's exactly my concern. In a situation like that would it be possible to push off the closing? (The house in question is vacant and has been on the market quite awhile...)
Also, I should mention that we'd be financing the house using a rehab loan, likely a 203k. I've heard that those take longer to go through...not sure if it this kind of situation that's a good or bad thing.
I wouldn't make an offer on anything until my husband has been completely transitioned into his new job, not matter where he ends up working. You just never know.
Boy that's a tough one. I know I might get slammed for this suggestion, but for me personally, I'd try to find a way to get out of selling my house. (Remember this is a buyer speaking.) Make it worth the buyers while (reimburse all out of pocket expenses they paid + extra). If you rent, and your husband is laid off, you probably won't qualify for a mortgage no matter how quickly he finds new employment. Banks like stable employment history. Also, if you buy now, and your new home is in a location is not conducive for his new commute to work it could be very problematic. Trying to resell the home in such a short amount of time without taking a large financial hit is unlikely, not just with the market the way it is but you must take into consideration the closing costs, moving expenses, etc.
I hope it all works out for you whatever you decide.
As far as renting, yes, it is an option. However, I'd rather not lay out the $6,000 + to secure an apartment--that dips into our downpayment on the next house, not to mention the cost of moving (twice!) and the hassle of doing so with a toddler. Yes, we can do it if it comes down to it. But it's definitely not my preference.
As far as halting the sale on our house, nah. It's not large enough for our needs any longer, and frankly keeping it show-ready on the market with a 2-year-old was hard enough the first time.
So no one has any experience with changing jobs in the midst of a real estate transaction? I'm breaking new ground here?
Thanks Silverfall. So what happened? Did the deal die? Did the closing date get pushed back to allow for the 4 paystubs?
It actually looks like everything is going to work out...hopefully that was all a false alarm but just want to know where we stand just in case.
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