My company gave me a relocation package. How do I use it to buy a house?
Relocation benefits vary by employer. Review exactly what the package covers, moving costs, temporary housing, closing assistance or other benefits, and coordinate those deadlines with your lender and real estate timeline.
Plan the move and the real estate transaction together
Write out the move date, the date housing is needed in the new area, and the earliest realistic date the current home could be ready to list. Then identify whether money from the current sale is needed for the next purchase. Those dates and cash requirements determine whether selling first, buying first, arranging a coordinated closing, or using temporary housing is realistic.
Read the relocation benefits before using them
Employer packages may reimburse moving, temporary housing, storage, travel, closing costs, or losses on a prior sale, but covered expenses and deadlines vary. Confirm whether payments are advances or reimbursements, which receipts are required, whether a preferred lender or relocation company must be used, and whether any benefit affects the purchase contract or loan documentation.