Would you take your dream job

[RadioNate]

If it meant losing a year's salary worth of when selling a house to relocate.

Short sale is possible but means a 100pt hit on your credit score and 3 years of ineligibility to receive a mortgage.

Renting out the house is also an option but will result in a monthly deficit of about 25% of the house payment when you factor in management fees. Assuming you can get a renter.

Real estate experts in the area do not expect the market to be any better in a year and estimate it will take no less than 5 years to come close to breaking even.

Your current job is secure, at least until June, however your company has announced more layoffs may come. They like you, but you are at the bottom of the totem pole.

 

[FergieTCat]

How secure is the new position? Is the salary equal to (or more) than my current salary?

 

[Piglets Mommy]

I voted you're screwed either way, BUT....
Where is the new job? Is it possible to hang on to your house for 6 months or so, and rent something cheap/stay with family? How secure would the new job be? You said it was your dream job.....for that, I would take the risk, as I'd rather have a job that I enjoy, than keep a job I'm not crazy about, and still be worried about layoffs. If you get laid off in June, you're right back where you are now, only without the dream job opportunity.

 

[Pakey]

For a dream job, I would take the risk, unless you are 5 years or less from retirement. Dream jobs are pretty hard to find, in any economy.

 

[RadioNate]

Plenty of time until retirement. At least 25 years and that is still retiring early.

Salary is more.

Yes, cheap place to live at new location (rent reimbursement from new company and best friends spare room.) Elementary aged child who will finish out the school year in current city so have until June to sell. In case people wondered, child is ok with the move. A little sad but not angry at all. Child is excited about some of the things in the new area, even though he'll miss being close to WDW.

Oh new job is 100% secure for one year. If they cut you, they pay. However, it is not a position they can do without. Contract is 2 years with an automatic option for a 3rd, which is industry standard. There is a generous severance package if they cut during the 1st 3 years. The position can not be cut by downsizing. You are more than qualified for the job and have been successful at it in the past.

 

[BriarfoxinWA]

I voted yes based on your further information. Move, apply for a mortgage for a new home, get settled. THEN look at options for your current home. If you must short sell that one you would already be secure in your new home...

 

[Disney Doll]

Do it.
Rent the house, even if it is at a monthly loss. There are some tax ramifications for that which could help.

 

[Piglets Mommy]

Plenty of time until retirement. At least 25 years and that is still retiring early.

Salary is more.

Yes, cheap place to live at new location (rent reimbursement from new company and best friends spare room.) Elementary aged child who will finish out the school year in current city so have until June to sell. In case people wondered, child is ok with the move. A little sad but not angry at all. Child is excited about some of the things in the new area, even though he'll miss being close to WDW.

Oh new job is 100% secure for one year. If they cut you, they pay. However, it is not a position they can do without. Contract is 2 years with an automatic option for a 3rd, which is industry standard. There is a generous severance package if they cut during the 1st 3 years. The position can not be cut by downsizing. You are more than qualified for the job and have been successful at it in the past.

With this addititional info, I say definately go for it!

Do it.
Rent the house, even if it is at a monthly loss. There are some tax ramifications for that which could help.

I agree with this. Then once the market improves, you can sell.

 

[golfgal]

Do it.
Rent the house, even if it is at a monthly loss. There are some tax ramifications for that which could help.

I agree, you take a net loss on the house on your taxes and it will help make up quite a bit of the 25% loss.

Will they pay relocation expenses? Is it a generous package? Sometimes they will buy your house if you can't sell in x number of months.

Do you have a friend or family member that can be your "management company" and help you out with this for whatever compensation you feel is fair?

 

[RadioNate]

I agree, you take a net loss on the house on your taxes and it will help make up quite a bit of the 25% loss.

Will they pay relocation expenses? Is it a generous package? Sometimes they will buy your house if you can't sell in x number of months.

Do you have a friend or family member that can be your "management company" and help you out with this for whatever compensation you feel is fair?

Posting from Very Merry Christmas Party.

Relocation is covered. We've moved a lot so we know what we need and it'll cover the moving. I'm not sure if it will cover expenses driving from one location to another (milage/lodging.)

They are working to secure a "signing bonus" to offset the house loss. They won't buy the house outright.

Tea Cups done, gotta go!

 

[Lisa loves Pooh]

My DH had to take a job up North. We cannot move and I refuse to be party to a short sale that will NOT sell ($100K is what we are realistically upsdie down given that there are three updated homes in my neighborhood on the market that are listed for $30-45K less than the zillow value of my home).

No job is a dream job that forces you into financial ruin IMHO.

And it turns out I am somewhat right. DH's company president got some good feedback from two of DH's contacts (one said -- "I can't believe. you got him" and another was a customer that DH worked with at his prior job said--"You must do whatever it takes to keep him").

At first we thougth this was a ho-hum job to pay the bills and as it turn out, it may be a good thing. And the president wanted to know the full scoop and will do what it takes to make us happy (though my idea of not working in Maryland isn't an option LOL!).

Options include buying us out of our home (and them taking the hit) or an increase in salary that allows us plenty of room to support our family up there while waiting for our home value to recover (in a rental of course--no buying a second home!!!!)

I think chincing out on your home to go live your dream is not an appropriate decision. If it was your dream AND they wanted you badly enough, they will do what it takes to help you not screw yourself over financially.

There is no guarantee that a home will short sale. Ours will not as our bank would never accept that offer. FWIW--we are in Brevard County.

In the meantime, my DH is living with a friend and then will transition to a room rental that we can squeeze into our budget.

 

[The Mystery Machine]

If it meant losing a year's salary worth of when selling a house to relocate.

Short sale is possible but means a 100pt hit on your credit score and 3 years of ineligibility to receive a mortgage.

Renting out the house is also an option but will result in a monthly deficit of about 25% of the house payment when you factor in management fees. Assuming you can get a renter.

Real estate experts in the area do not expect the market to be any better in a year and estimate it will take no less than 5 years to come close to breaking even.

Your current job is secure, at least until June, however your company has announced more layoffs may come. They like you, but you are at the bottom of the totem pole.

1) I would put the house on the market ASAP. If by chance it sells and I am STILL in the job I am in, great. Then I move out rent an apartment. (We did this in TX right before the housing drop. My DH relocated to MO to escape a layoff. We put the house on the market at the end of Jan and we rented.)

2) I get a renter and then I rent.

3) I do the short sale, pull money out of my 401K or whatever to get the house off my back.

My bottom line is I do not wait for the layoff. I would be proactive and try to get rid of the house or rent. I would take the postion and rent if I have to.

After we got back to MO we rented there as well until we found a house.

 

[golfgal]

My DH had to take a job up North. We cannot move and I refuse to be party to a short sale that will NOT sell ($100K is what we are realistically upsdie down given that there are three updated homes in my neighborhood on the market that are listed for $30-45K less than the zillow value of my home).

No job is a dream job that forces you into financial ruin IMHO.

And it turns out I am somewhat right. DH's company president got some good feedback from two of DH's contacts (one said -- "I can't believe. you got him" and another was a customer that DH worked with at his prior job said--"You must do whatever it takes to keep him").

At first we thougth this was a ho-hum job to pay the bills and as it turn out, it may be a good thing. And the president wanted to know the full scoop and will do what it takes to make us happy (though my idea of not working in Maryland isn't an option LOL!).

Options include buying us out of our home (and them taking the hit) or an increase in salary that allows us plenty of room to support our family up there while waiting for our home value to recover (in a rental of course--no buying a second home!!!!)

I think chincing out on your home to go live your dream is not an appropriate decision. If it was your dream AND they wanted you badly enough, they will do what it takes to help you not screw yourself over financially.

There is no guarantee that a home will short sale. Ours will not as our bank would never accept that offer. FWIW--we are in Brevard County.

In the meantime, my DH is living with a friend and then will transition to a room rental that we can squeeze into our budget.

Don't base your home value on Zillow--if you really want to know realistically what you can sell for, have several real estate agents come through your houses and give you a market ananlysis. Do this soon, like Monday, so you have your figures for a buy out from your DH's company. You do NOT want to deal with long distance house issues. I would ask for the raise AND to buy out your house if they want him that badly.

 

[Lisa loves Pooh]

Don't base your home value on Zillow--if you really want to know realistically what you can sell for, have several real estate agents come through your houses and give you a market ananlysis. Do this soon, like Monday, so you have your figures for a buy out from your DH's company. You do NOT want to deal with long distance house issues. I would ask for the raise AND to buy out your house if they want him that badly.

No worries, I am not. Our home is realisitically worth about $15-$30K less than the homes for sale as much work is needed. Which gets us roughly about $100K+ upside. Yeah us!

I dont' want to deal with a long distance house--but I am unwilling to go bankrupt (We do not have enough in 401K/SEP assets after taxes and penalties to even clean it up.)

He has this job b/c he needs one and we are just living apart for a while. I was just sharing with the OP why I believe the situation of a dream job to not be a dream job unless the company was willing to work with you. My DH's job has the potential to be a dream job, but if the money is not right--it's just something to keep us afloat until something better comes along.

 

[crz4mm2]

I would do it if it was your dream job.
I have given up a lot to change to a job I like.

 

[blanq]

Do it.
Rent the house, even if it is at a monthly loss. There are some tax ramifications for that which could help.

This is what I would do.

 

[BelleWDW]

To the OP-put your house on the Market

The new home owners Tax Credit has been extended until May-so you still have those people looking to buy. You just never know