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A client of ours with real estate for sale in Chagrin Falls, recently asked us a question about a potential job transfer out of Ohio. Although we didn’t have the answer at our fingertips, we knew where to find it: LinkedIn.

Here are the results of our inquiry. Contact us if you are a home buyer in Cleveland Ohio, have any real estate questions, or would like to connect on LinkedIn.

Here is the discussion:

Jim Norbuta
Realtor (R), Experienced In Relocation, Accredited Buyers Representative (ABR)
See all Jim’s activity »
Loss of Home Equity Provision in Relocation Contracts
Our client has been offered a position out of state, and we will be selling his home.

Can you share a copy of the corporate relocation pages that offer a “loss of equity” provision in the relocation package? See link for details:

http://www.findingclevelandhomes.com/2009/11/16/relocation-program-loss-of-home-equity-a-question-from-your-cleveland-relocation-specialist/

If your company does not offer a “loss of equity” provision, we would appreciate your sharing that information with us. All information will remain confidential.
Posted 2 days ago | Delete discussion
Comments (4)
1.
Dave Foess
Global and Domestic Relocation Executive
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Stop following Follow Dave
1 example

Loss on Sale of Home
In the event an employee sustains a loss on the sale of his/her present residence as a result of relocation, the Company will reimburse the employee for the loss to a maximum of 10% of the original purchase price.
A loss on sale is considered to be the difference between the original purchase price of the home plus allowable capital improvements as defined by the IRS and the higher of the appraised value or sale price. The employee must provide copies of the original purchase agreement and bills sustaining the capital improvements. The improvements must have been installed in the five-year period immediately prior to the effective date of the transfer and have a minimum cost of $1,000 for each expenditure.
Loss on Sale Example:
$175,000 Purchase Price
$ 5,000 Capital Improvements (Deck)
$180,000
$170,000 Actual Sale Price or Appraised Value
$ 10,000
Maximum Reimbursement: 10% of original purchase price of $175,000 = $17,500
Payment: The less of the loss ($10,000) or 10% ($17,500) = $10,000
Posted 19 hours ago | Reply Privately
2.
Dillon Fries
Owner, Dillon H. Fries & Associates
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Stop following Follow Dillon
It is kind of presumptuous to assume that the capital improvements added to market value. Often there are demolition costs, extraordinary costs, and higher profit margins on remodeling projects. Should a transferee be able to recoupe such improvements to their full extent?
Posted 10 hours ago | Reply Privately
3.
Jim Norbuta
Realtor (R), Experienced In Relocation, Accredited Buyers Representative (ABR)
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Dave,

Thanks for the detailed explanation. This is a very intersting approach. This will be very helpful for my client.

Many Blessings,

Jim
Posted 9 hours ago | Delete comment
4.
Jim Norbuta
Realtor (R), Experienced In Relocation, Accredited Buyers Representative (ABR)
See all Jim’s activity »
Dillon,

Dave’s example reflected a 100% return on the capital expenditure. This rarely happens for the homeowner, but you get what you negotiate if there isn’t a written policy.

Many Blessings,

Jim
Posted 9 hours ago | Delete comment
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Need information on mortgage rates, lenders, and local community groups? Look around, it’s here on our website. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

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Planning a move…you’ll definitely want to read this.

Allied wants you to start preparing early for your move with our moving checklist. It’s really never too soon to begin planning for a move, and veteran movers have found that a comprehensive moving timeline and checklist is the best strategy to ensure a smooth relocation. Our moving checklist and timeline is also a great way to involve the entire family in the move and to spread some of the responsibilities to each person, including your children.

Timeline for Moving: Eight Weeks Before Move

• Contact your mover to make arrangements for moving day.
• Remove items from your attic, basement, storage shed, etc.
• Start to use up things you can’t move, such as frozen foods and cleaning supplies.
• Contact the chamber of commerce or visitor’s and tourism bureaus in your new community for information on your new city.

Timeline for Moving: Six Weeks Before Move

• If you’re moving at an employer’s request, verify what expenses and responsibilities are theirs and which are yours.
• Contact the IRS and/or your accountant for information on what moving expenses may be tax-deductible.
• Begin to inventory and evaluate your possessions. What can be sold or donated to a charitable organization? What haven’t you used within the last year?
• Make a list of everyone you need to notify about your move: friends, professionals, creditors, subscriptions, etc.
• Obtain a mail subscription to the local paper in your new community to familiarize yourself with local government, community and social news and activities.
• Locate all motor vehicle registration and licensing documents.
• If some of your goods are to be stored, make the necessary arrangements now. (Your relocation consultant should be able to help.)
• Contact schools, doctors, dentists, lawyers and accountants and obtain copies of your personal records. Ask for referrals where possible.

Timeline for Moving: Four Weeks Before Move

• Submit a Change of Address form to the post office.
• Arrange special transportation for your pets  and plants.
• Contact utility and related companies (gas, electric, oil, water, telephone, cable TV and trash collection) for service disconnect/connect at your old and new addresses. However, remember to keep phone and utilities connected at your current home throughout moving day.
• Contact coverage companies (auto, homeowner’s or renter’s, medical and life) to arrange for coverage in your new home.
• If you’re packing yourself, purchase moving boxes  from your local mover. Pack items that you won’t be needing in the next month.
• Plan a garage sale to sell unneeded items or arrange to donate them to charity.

Timeline for Moving: Three Weeks Before Move

• Make travel arrangements and reservations for your moving trip. However, don’t make plane reservations for the same day that you’re moving out. House closings are often delayed, and other unexpected situations often arise.
• Collect important papers (coverage, will, deeds, stock, etc.).
• Arrange to close accounts at your local bank and open accounts in your new locale.

Timeline for Moving: Two Weeks Before Move

• Have your car checked and serviced for the trip. Also, make sure that your automobile is prepared (filled with the necessary antifreeze/coolant, for example) for the type of weather conditions you’ll be traveling in.
• If you’re moving out of or into a building with elevators, contact the building management to schedule use of the elevators.
• Contact your relocation consultant to review and confirm all arrangements for your move.

Timeline for Moving: One Week Before Move

• Settle any outstanding bills with local merchants.
• Don’t forget to withdraw the contents of your safety deposit box, pick up any dry cleaning, return library books and rented videotapes, etc.
• Take pets to the veterinarian for any needed immunizations. Get copies of pets’ veterinary records.
• Drain gas and oil from power equipment (lawn mowers, snow blowers, etc.).
• Give away plants not being moved.
• Prepare specific directions to your new home for your moving company. (Include your itinerary, emergency numbers, etc.)

Two to Three Days Before the Move

• Defrost your freezer and refrigerator. Block doors open so they can’t accidentally close on pets or children.
• Have your major appliances disconnected and prepared for the move. (Again, your relocation consultant can help with arrangements for a third party to provide these services.)
• Pack a box of personal items that will be needed immediately at your new home. Have this box loaded last or carry it with you in your car.
• Organize and set aside those things that you’re taking with you so that they don’t get loaded on the van in error.
• Contact your relocation consultant to confirm arrival time of the moving van, as well as to notify them of any last minute details.

Timeline for Moving: Moving day

• Make sure that someone is at home to answer the van foreman’s questions.
• Record all utility meter readings (gas, electric, water).
• Read your bill of lading and inventory carefully before you sign them. Keep these — and all related papers — in a safe location until all charges have been paid and all claims, if any, have been settled.
• Follow the Allied Timeline for Moving
• You’ll feel a sense of accomplishment as items are checked off of your moving checklist. Moreover, as the weeks roll by, your moving timeline will help ensure that nothing has been overlooked or omitted from your planning, and that alone will go a long way toward relieving some of your anxiety.

Click here for link to the Allied website:

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REALTORS® are licensed professionals and this is what we do everyday.  REALTORS® subscribe to a stringent code of ethics and standards.  Most people buy and sell only a few homes in a lifetime.  Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Contact us if we can help you with your Greater Cleveland real estate search or to assist you in finding a buyers’ agent.   Also, click here to check out our post “Are Your Relocation Employees Giving Up Their Negotiating Power?

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR)

website: http://www.jimandjoan.com