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Old 04-01-2007, 05:51 PM
 
189 posts, read 771,465 times
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My family and I are planning on relocating from Long Island and are wondering about how we would coordinate selling our home and getting a mortgage on a new home since we are both planning on getting new jobs. What is the best way to coordinate everything?
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Old 04-01-2007, 05:54 PM
 
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I can't imagine moving to a new city and buying a new home based on a 3 day house-hunting trip.

We sold our house in our hometown, moved to Raleigh and got an apartment, and are now getting to know the city as we shop for a new house. All of the junk that we could live without for 6-months ended up in the detached garage we rented in our apartment complex.
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Old 04-01-2007, 07:11 PM
 
35 posts, read 119,841 times
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Default finding a job

here is a list of wake county's largest employers

http://www.joblinkcc.com/capitalarea/CountyProfiles/Wake/WCLargest.htm (broken link)

first thing you need to do is get resumes together, and then start sending them out. Figure out what you are both going to do and then start targeting those companies or businesses. The News and Observer is our local paper, and you should check out the help wanted section of the paper too.

The area is growing so quickly, sometimes, people take a job while they are looking for a more permanent position. Anyhow, hope this helps.
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Old 04-01-2007, 07:20 PM
 
Location: Raleigh NC
161 posts, read 661,669 times
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We relocated from St. James about a year ago and it is a challenge to coordinate the details. In case you may not have already found out.. most homes in this area can be at the closing table within 30 days after an offer is accepted. This is really unheard of on LI as you are probably looking at a minimum of 3 months to close on your LI home.
You could always get into contract on LI and then make an offer contingent on the sale. You will have at least two months to find something. Begin working on line now and learning the area. I work with relocations, I am a realtor, and many of my clients like to consider purchasing new homes because there are so many options and time periods that can be satisfied. Most neighborhoods have spec homes in various stages of construction which are open to view anytime and you aren't putting people out if you begin to look before your home is in contract.
You can always apply for a bridge loan but the lenders are tightening up on the creative financing. I think it would be safe to have your new jobs lined up if you went this route. It really depends on your assets, equity, credit and if your in contract on the LI home.
Speak to a great mortgage lender and try to find one through a repudable realty firm. Our firm has an inhouse lender who not only underwrites but will offer free advise just for the chance to compete with other lender's programs. Moving twice in a short time can be exhausting and hard on children, so a good educated plan for your financial needs could help you out and make the move enjoyable. Good luck!
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Old 04-01-2007, 08:27 PM
 
647 posts, read 3,222,716 times
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In this slow real estate market, I'd suggest listing your house and looking for a job at the same time. It usually takes a while to get a house ready to list, so start that now and look for jobs in NC. Make sure you're employable there, obviously it often takes a lot longer to find a job then you think it will. I wouldn't even bother looking at houses (other then to get a general feel for if it's affordable, etc) until you sell your house.

If you happen to sell your house before you find a job in NC, then I'd rent in NY and continue working your current job until you find a new one in NC. Personally, I wouldn't be comfortable moving to a new city without a job, but that's just me. I know renting is hard, but unless you can carry two mortgages, I'd be uncomfortable going any other route. Bridge loans scare me too much. Again - just me. If you don't have kids and are comfortable financially, then go for it and move down after you sell your house.

Once you sell your NY house, then you're free to move to NC right away when you get a job offer. Once you accept an offer, I'd fly down and look for a house, write a contract, fly back and move. Or you can always rent in NC for a while till you figure out for sure where you want to move.

It's a delicate balancing act - I know it's hard. But to me, the best way to do it is to remove as much financial worry as possible.

Good luck!!
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Old 04-02-2007, 06:27 PM
 
189 posts, read 771,465 times
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Thanks for your input. We have been working with a realtor for several months and just spent almost a week visiting. I have other family who is also relocating, but they are in a higher financial bracket than us. We have a lot of work to do on this end and want to take our time and do things right. This forum is such a great help.
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Old 04-02-2007, 06:33 PM
 
189 posts, read 771,465 times
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Sounds like a good start, thanks for your help.
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Old 04-02-2007, 06:36 PM
 
189 posts, read 771,465 times
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Can you recommend any mortgage lenders to start the process? Thanks for you help.
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Old 04-02-2007, 07:55 PM
 
Location: Youngsville, NC
560 posts, read 2,768,402 times
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Mike Taylor at Charter Funding is great!!

PM me for more detail.

We bought a home in NC and are moving from LI next month. We did not have a house to sell in LI so it was a little easier for us. Trying to find a job now and hope to be in our new home before the end of May.

Good luck!!
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Old 04-02-2007, 08:14 PM
 
9 posts, read 29,395 times
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I think it depends on a lot of factors. It depends on how much money you will have, what line of work both of you are in and what type of home and where exactly you want to live.

I didn't think it would be too difficult to get a job here and I started looking back home. Well people don't even look at your resume when they see an out of state address on it. I was told that by our HR director. But if you have enough money saved to get down here and live off of for a while then you might have a better chance at landing a job. It took me 3 months to get a job when I was living here. But that could be the field I'm in. I bet if you are a teacher or a nurse or something though you could find a job lickity split.

We rented when we first got here and now that we have gotten to know the area we are buying a house. It only took us about 6 months, so if I were you I'd only sign a 6 month lease. Luckily they do that pretty often around here. The reason I say to live here for 6 months before buying is because we visited for a couple of weeks for 2 years before we moved here, and we thought we knew where we wanted to live. Turns out we wouldn't live there if someone paid us to but rather have found a home on the complete opposite end of the spectrum. Just goes to show you what you can learn by hanging out somewhere for a while.
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