Relocation roulette

If you're buying and relocating at the same time, the rules of the real estate game are the same but there are more pressure players to contend with.

You're suddenly notified that you'll be reporting to a new job in a new city in six weeks. You've got one house to sell and one house to buy in less than that time, all while managing your move and boning up on your new assignment. Many large companies will put you in the hands of a relocation specialist on staff or with an outside relocation company. Other employers may offer help with moving costs, reimbursement for temporary housing and transportation, assistance with real estate agents and discounted loans.

Be sure you are apprised of any and all relocation benefits you are entitled to. It could save you considerable time and money. If you're on your own, now's the time to get very organized. The good news is, technology is making relocation easier. Whatever your situation, here's a quick list of bases to cover in planning a big move:

Find a good agent

Most successful relocations hinge on a good agent. The best choice is an agent who is patient, well organized, very knowledgeable about the area you are moving to, and has had some experience dealing with transferees. If your company is moving you, ask for recommendations from the relocation department. Ask each agent to send you copies of their resumes. When you settle on one to work with, set up a schedule and method for them to transmit listings to you to review. You may work with more than one if you are looking in more than one area.

Schedule your move immediately

You may not know if you are moving to a house you are buying or to a rental, but you should contact a moving company and get on their schedule as soon as possible. During heavy moving periods (spring and summer in most parts of the country), it can be difficult to get the time slot you want if you wait until the last minute.

Schedule more than one shopping trip if possible

The more time you have to look, the less pressure you will be under to buy. If you are working with an agent, give them a written copy of your priorities so they do not waste your time showing you homes that don't fit. Bring an instant camera and take pictures of homes you really like; attach the photo to your notes. Review notes and photos at night to cull your top picks.

Take advantage of available resources

Relocation companies generally offer packages that include moving help, real estate agents on either end of the move if you have a home to sell, and help getting a loan. If you are a first-time buyer in the new location, this can be valuable and reassuring. Even more valuable are buy-back or interest-paying programs for relocating homeowners who are unable to sell their homes in their previous location (see below). Be sure you know what relocation benefits you are entitled to, and don't hesitate to negotiate for more (just as if you were making a purchase offer).

Talk to your new colleagues

Get their recommendations on desirable neighborhoods, good schools, available child care and other priorities you have. Ask about commute times (and if you have time, test drive the commute between work and areas you want to live).

Plumb online resources
Online property listings are a useful tool for people who are relocating. You can get an idea of price trends and kinds of property available. You also can search out properties by neighborhood. Schooling yourself can help you work much more effectively with the agent on the other end.

Remain calm

It can be difficult to be objective when you're in the throes of relocation, especially if you're under the gun to adapt to a new job and to find a new place to live. Remaining calm and collected is one way to master both ends of your move. The last thing you want to do is buy the wrong house or overpay for it.

TIP: Don't rely on the relocation company to do your thinking for you. If you are dealing with a major real estate company's relocation division, you may be steered to just their listings or neighborhoods where they have substantial listings. Ask to see other companies' listings or ask your employer to hook you up with an independent relocation company, which may give you a more balanced perspective.

Buy-back and interest-paying programs

A buy-back program is the Cadillac of relocation benefits. In a buy-back program, your employer buys your house, usually at market value. Some companies will pay you a bonus if you are able to sell the house yourself before the time set for them to buy it. Under an interest-paying program, the employer agrees to cover the interest payments on your existing mortgage until you sell your house. A buy-back may not be as good as it sounds if current prices are lower than what you paid for your house, and you would take a loss selling it. Some companies offer limited reimbursement for losses. You also may want to hold on to the house and rent it until times are better to sell. Be sure you understand these benefits and its implications clearly before you sign up.

Do the math on your move

Most employers will cover, or help cover, the costs of moving. Where you may lose, however, is on the difference in housing prices between your new and old town. If you find that housing prices--and the cost of living in general--are high relative to where you are living now, try to negotiate a better relocation package with your company. For example, ask for a relocation bonus to cover incidental moving expenses and closing costs in the new location. You also may want a more substantial raise to cover the disparity. Back to math, remember that you be able to deduct some of your moving expenses. Consult your tax adviser.

Set up files

Whether you're on your own or working with a relocation expert, start a relocation folder at home and use it to collect out-of-town listings, moving information, loan documents, maps and data on your new community. It helps to have all that information handy when visiting your location and viewing homes. If you're selling a house, keep everything related to that transaction in a separate folder.

Avoid inexperience

If you are lucky you may have two or three weeks to look at new houses and make a decision. Working with an experienced agent can make all the difference. If the agent you have been assigned is overbooked or doesn't seem to understand your priorities or concerns, request another agent right away. It's imperative to work with an agent who specializes in the area where you'd like to move.