The Challenges of Relocating

Relocating from one place to another isn't as easy as it used to be, especially if you want to buy a home to move into right away. Job relocation and even retirement is overwhelming enough without having to worry about making the right home purchase. Here are some questions to ask and some research to do when you're ready to make a move.

1. Will your lender process your loan before you start your job?
   
   
   Lenders are starting to require a minimum of two paychecks from a new job before a loan can be approved. If this is the case with your lender, you could be forced to find temporary housing which is not so easy these days. Assuming you will have two paychecks in approximately a month AND it takes another month to process the loan and do title work to buy a home, you're looking at a minimum of eight weeks from the start of your new job to the time you can close on a home. There are some workarounds I can share, from early occupancy clauses to letters from your employer.
   
   
2. How can you shop for a home without traveling back and forth?
   The thought of buying a home sight unseen can be terrifying. not to mention risky. However, there are a few steps you can take to get that home under contract without taking on too much risk. First, embrace virtual showings. It's a first look at the property and if you have an informed and honest realtor, you can learn the history of the home in advance an get a pretty good feel for how it smells and looks once inside. Next, if you think it might be THE ONE then build in some contingencies that will protect you when you make the offer.  I've written some interesting contract contingencies that were accepted once I explained the motivation behind them. 
   
   
3. Will the home you want make you house-poor?
   No matter how much research you do, you can't learn everything about an area until you've lived there. and that can lead to regret if you're not careful.  I'm not suggesting you buy a temporary home, but don't go all out with a home that breaks the bank before you know the area. Instead, find a home that has everything you need AND has the potential to become your dream home. You can't usually change the lot size or the school district, but you can put in a pool, finish a basement or attic, or build a she-shed that can also serve as extra sleeping quarters for the holidays. Make sure your Realtor provides you with any Restrictions available, and have a survey done to determine the true lot lines if a pool or fence is important.
   
   
4. Are your expectations reasonable?
   So many times, out-of-state clients have unreasonable expectations that result in weeks or months of wasted time. For example, here in Knoxville you cannot buy a livable/financeable "home on 50 acres for $120,000 close to downtown" no matter how long you look. And although I can probably find you 10-50 acres further out in the country, high speed internet or less than a half-hour drive to downtown is unlikely.  Have your agent create custom searches that include homes outside of your wishlist so you don't filter out homes that might be pretty good options. If nothing else, you'll start to see what sells and for how much.

Looking to relocate to East Tennessee? Call me. I can set you up with custom searches and help you learn about what different areas have to offer.