If you have a relocation package and are working with a relocation company, an EQUITY LOAN may be part of the offering.

The relocation company may be willing to loan you a certain percentage of your equity once you have a signed offer on your current home, which could be useful in terms of managing the finances of the purchase of a new home, at least if this is happening simultaneously. Trying to buy a new home while you are selling your old one may, financially, be a challenge, and you will need to work closely with your lender to understand what you are approved for if your old home has not yet closed. You may or may not be able to make an offer on a new home until your old one has closed.

Some folks can afford to carry two mortgages, but many can't. An equity loan, if it is part of the relocation package from the relo company , may help you navigate this transition.

Make sure you understand what your new employer, and your relocation company, are offering to help you through the transition so you understand your options.

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Here are some suggestions for helping the Realtor you have chosen in your new home city effectively aid you in finding the right home, based on my personal relocation experience and from assisting multiple buyers in their moves around the country. Not only is this one of the largest purchases you will make, but you are moving to a new area you don’t know which adds to the stress. And if this is not a choice (e.g., a corporate transfer) it is probably even more difficult for you and you family. (NOTE - above is a view of downtown Del Mar, a beautiful and charming seaside town...and expensive!)

Once you have chosen the person you want to help you with the process, or the Relocation Company has identified that individual for you, you are ready to get to work.

1. Respond quickly when you get emails or calls from your Realtor. S/he is working hard to help you, and you are probably on a tight schedule. Delays in communication will hurt you, and make it more difficult for your Realtor to assist. Your responsiveness is an indication of your interest and cooperation, and can set the tone for the relationship. When you say you want help but then do not return calls and emails, this sends a negative message (and of course this works both ways) and makes it tough for the process to move along.
2. Make sure you are pre-approved right away so you know your budget. Your Realtor will ask, and you DON’T want to waste time, yours and your Realtor’s, looking at homes that are outside your budget.
3. Verify the details of your relocation package, if applicable, and make sure your Realtor knows this is part of the process, and if s/he will be expected to pay a referral fee. Lots of agents refer back and forth so they are accustomed to referral fees; some relocation companies charge high fees and this must be communicated.
4. Be a good listener. This is tough sometimes because you are feeling stressed, or perhaps frustrated. Don’t let your emotions get in your way of hearing what is being said. Be a good communicator, too – be clear, concise and decisive
5. Provide your Realtor with the information s/he is seeking in a timely manner, and in particular when things change (e.g., your budget, dates).
6. Be clear about what you want in your new home and community. This can be hard, and may change over time, but your Realtor will have a more difficult time if you don’t have a clue and can’t decide on what’s important to you. This is particularly tough when moving to an area that is very different (such as my move from Boston to California!!).
7. Have your Realtor sign you up for daily emailed listings from the MLS in your new home city so you can educate yourself about the market and house values.  You need to quickly make decisions about the kinds of housing you want and where you want to live, and understand what is going on in the market. Screen in homes that are of interest and let your Realtor know so s/he understands your likes and dislikes. Your Realtor can probably preview homes for you when you can’t be there. Arrange for a house hunting trip and do a blitz in the new city, seeing as much as you can so you can decide on your new home.
8. Obtain all the necessary contact information (emails, cell phone, office phone, home phone, pager) for your agent and provide the same to him/her. Know how to get in touch with your Realtor quickly when necessary (especially during the offer negotiations, when failing to respond can cost you the home).
9. Be flexible and change direction quickly if you need to, and inform your Realtor of any and all changes immediately. You can expect problems to arise, discrepancies, and changes in direction, dates, and timing.
10. Use technology to simplify and speed up communication – cell phone, fax, email.
11. Keep careful notes and records of all conversations, decisions, resolutions to problems, etc. Use email to confirm and clarify so you have a written record. Don’t make any assumptions – confirm and re-confirm.
12. Educate yourself on how the buying process works in the new city/state – it may be very different from what you are used to. What forms will you encounter? What is the timing? Who else is involved (e.g., escrow company, attorneys) and how do you get in touch with them when necessary? Remember, YOU have the greatest vested interest in the success of your home buying, so you need to take responsibility to keep things moving along and make timely decisions.
13. If you are not able to be in your new town readily, get your Realtor’s help when necessary (e.g., coordinating and attending inspections, letting in tradespeople for  estimates and to perform work, checking on the home before you arrive).
14. Do your due diligence. Use the Internet to help you research the new community and get answers to your questions. Ask for resources from your Realtor. These are your decisions NOT your Realtor’s.

Good luck. Please contact me here in Southern California if I can help you in any way, or someone you know who is moving. For more fun information about living in the San Diego area, check out Fans of Coastal San Diego.