I bought a house at the top of the market in 2018, but now I'm thinking of relocating to the Bay Area for a new job. I'm wondering what relocation packages are like for people who already own a house. I have heard that relocation packages exist where the relocation company pays your realtor fees for selling a house and the relocation company even offers to buy your house from you quickly for a slight discount (instead of you trying to sell it). Do Bay Area tech companies offer this type of relocation, typically? I'm trying to see how feasible it would be to ask for this type of relocation. TC:270
A more reasonable ask is to work remotely until your house sells.
What about realtor fees? Do companies offer to pay those?
Yes, I do know some companies offer that
I got excise taxes, commission, and closing costs paid for. But the only reason I got it was because it was an internal transfer, and I had a very high in demand skills set for my new location, and my outgoing manager told my new manager to pay for it. This was back in the last peak market and didn’t want to lose my shorts transferring. My sense is this is an astronomically rare case for non director/VP positions, and I definitely would not have got this deal from an outside company. That’s what the sign on bonus is supposed to be for.
But keep in mind this is paid to you as income and doesn’t include a tax gross up. As result, I had to pay 20k additional taxes, which hurts.
If you pass interview well, it's relatively easy to get up to 50k-75k sign on bonus. Assuming you go for senior engeneer position. You can get more, but they usually split it into two payments. Some part comes with first paycheck and the other a year later. It all depends on the company and the position.
Agreed. The role would be VP level or higher to warrant that type of package. Why not rent your house and rent in the Bay Area?
I am thinking about renting it out. Issue is that the going rent is less than the mortgage payment. I suppose I could eat the difference for a couple years and sell at a profit. Just seems like a huge hassle and potential risk given the direction of the housing market.
yes, for executives. not for you
Buying your house is not a big deal unless you can’t sell it (u live in West Virginia). Realtor companies do this at scale - they offered 230K for my townhouse - I sold it for 250k.
My concern is the real estate commission. It would be $40k-50k for my home. Given that I just bought my house, I don't want to eat that expense. Also, even if I decide to sell, I have to make mortgage payments while it sits on the market...
Generally a bad idea to buy if you’re considering relocating for work. The cost to sell is murder. Especially in Seattle. Your easiest play here to to ask for a high signon bonus to cover the 6-8% cost of selling. I had to carry my mortgage and new rent for 2 months, which sucked. Realistically there’s no win win free lunch scenario for you here. You’ll take a hit somewhere. That’s the cost of being in this particular situation.
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You better be looking at VP jobs to expect relocation where they buy your house.
I got this at a bank as Sr Engineer. It’s not as expensive as you think - they buy your house at a discount and sell it. They might break even, might profit and might lose. It’s thousands of dollars here - it’s more about convenience and not having to deal with crap.