Home Buying in Austin>Question Details

Joseph S, Home Buyer in Austin, TX

Live in NY, look to buy rather than rent, research has led me to Austin. Process in infant stages, not sure where to start.

Asked by Joseph S, Austin, TX Wed Dec 26, 2012

My credit is very good; debt is waning and savings accumulating. job does not have relocation possibilities, difficult to secure a job before move. Is it more practical to move down and rent, secure job and then look to buy? Any advice would be helpful

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16
Joseph Casey’s answer
Joe, Trevor's advice is something to consider. I've had clients come from out of town looking to buy with good credit, just like you, only you need to secure a new job before you can re-qualify for a home loan. Don't take this to be discouraging. I always consider the prospect of relocating to a new city a positive one! Austin is certainly a great city to live in for many reasons and you will find plenty of options to rent while you secure a new position. I would recommend if you are serious about calling Austin home, come down for a weekend and I'd be happy to show you around.

The cost of a plane ticket and hotel stay is far less than packing up and moving and can help you determine if our city is indeed what you're looking for. It would also give you insight into what our market has to offer. Your money will go much farther here than in NYC so I'm sure you will find that a plus. Just two days ago, my kids were riding their bikes in T-shirts and my dog was diving into Lake Austin to catch tennis balls. Our weather is more mild than New York and we are a very pet (and people) friendly city.

Send me an email or give me a call for assistance.

Joe Casey
Goldwasser Real Estate
jcasey@goldwasserrrealestate.com
512-800-1316
1 vote Thank Flag Link Thu Dec 27, 2012
Joseph;
If your thoughts on acting are still in the "infant stages", then perhaps you might want to consider a long term approach.

1. Schedule some time to visit Austin, if you haven't already done so. Travel around and see if Austin is going to be a place you enjoy and what areas you might want to live in. We have it all down here, and that means I'm sure you'll find a place that you'll connect with.

2. Begin Job hunting in Austin. There are many Fortune 500 companies here like Apple, Dell, etc, and we have many Universities, Medical institutions, and of course our Austin Original businesses. There are many online ways of looking and applying for a job.

3. Keep saving until you land that awesome Austin job.

4. Work on paying down any of your current credit cards or other debts, as this will assist with financing.

5. Obtain your credit report - If you contact an Austin Leander such as Michelle ( http://www.michellemtgpro.com/home.html ), then you can begin your funding process, obtain your credit report, and also learn what your options are - both now and later.

6. Connect with a local dedicated Buyer's Agent to help you locate either a temporary Rental or help you find a home to buy within your Budget.

I believe, maybe it's the mom in me speaking, that it is always better to have a job first and then make the other decisions based upon the security of an income. Of course the adventurer is always ready to jump and then ask questions. Ultimately the decision is up to you and what you're willing to do.

Shannon T. Schmitz,
Representing Distinctive Properties
http://www.shannonschmitz.com
1 vote Thank Flag Link Thu Dec 27, 2012
Hi Joseph , you can contact AAA INTERNATIONAL REALTORS on http://www.AAAINTERNATIONALREALTORS.com

For more information please contact:
Tanya Woodford/ Broker
AAA International Realtors
561-784-3766/614-205-1265 realtortanya@bellsouth.net

I would offer you the best deals.
0 votes Thank Flag Link Sun Dec 30, 2012
Good luck with your move Joseph. If I was in your situation and moving down here, I think it would be wise to rent first and then buy. I would also exhaust all resources finding a job or at least a few warm connections before moving down here. Knowing someone is always the best way in so I recommend talking to friends or family to see if they know anyone in Austin you can reach out to. Linkedin is a great resource as well for networking with specific professionals.


Tom Shallue
Liberty Mutual Insurance
tom.shallue@libertymutual.com
0 votes Thank Flag Link Thu Dec 27, 2012
Sorry, one to many rrrr's: jcasey@goldwasserrealestate.com.
0 votes Thank Flag Link Thu Dec 27, 2012
Good morning Joseph,

For mortgage purposes, unless you have promise of employment in the form of an offer letter or (better) a contract, you'll need to secure employment first in order to qualify for a mortgage loan.

Be aware also that the "gap" in employment between leaving your current employer and beginning work with your new employer could be a negative factor when qualifying for a mortgage loan. If the gap is only a few weeks, you should be okay. Any longer than four-six weeks and it could affect your mortgage qualifications.

I'd suggest pulling out all the stops and exhausting all possibilities of securing employment before the move.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Dec 27, 2012
Joseph,

Your first step will be to contact lenders to see if financing is an option without a job. This will help you to determine if you need to rent first unless you plan on paying cash and do not need financing. I can help get you in contact with some lenders who may be able to help you with the financing. My cell is 512-695-5144 and my email is kristee@theleadersrealty.com if you would like to discuss your options further.

Sincerely,

Kristee Leonard, REALTOR®
Broker, GRI, SFR
The Leaders Realty, LLC
512-695-5144 Cell
512-276-6640 Fax
http://www.theleadersrealty.com
Finalist for the Austin Business Journal's Top Residential Real Estate Agents 2012
Finalist for the Platinum Top 50 Real Estate Agents
0 votes Thank Flag Link Wed Dec 26, 2012
Hi Joseph,

What part of NY are you in? I moved to Austin from NYC in 2007 because I wanted a more relaxed life - definitely found it.

If you know what you like, or what you are looking for, then you can buy first if you have enough cash. If you will need a loan then most lenders will want you to have a job first. The job market is pretty strong in Austin, especially in high tech.

Do you have an idea what your budget is? Do you want a family-oriented "bedroom community" or to be near downtown with lots of music, restaurants, and nightlife? Or something in-between?

Renting is a good idea if you don't know what type of neighborhood you would like or if you think it would take a long time to find just the right house. I'd suggest keep an open mind and check out both options.

I'd be delighted to help you find something and educate you about the various parts of Austin so you can make a decision you'll be happy with.

Call or email any time.

Thanks,
Charles McLagan, CNE, SFR
Goldwasser Real Estate
512-785-2319

charles.mcl@gmail.com
0 votes Thank Flag Link Wed Dec 26, 2012
Find a job first! There are a ton of companies hiring here. If you are in the high tech field, feel free to send me your resume. We are the official relocation company for Austin Technology Council and many, many, many companies are hiring in the high tech field. I'll be happy to forward your resume to those I know are hiring.
0 votes Thank Flag Link Wed Dec 26, 2012
Hi Joseph,

I would either rent something temporarily or rent for a six
Months minimum and them figure out where you'd like to end up.

We also moved from NY and it was the best move we ever made. That was 2008 and we never looked back. It helped that I was loving here since my 20's and I knew what we were getting into.

Anyway, if you have any questions feel fo contact me. Best of luck!

Angele Moyseos
Broker
Vox Real Estate
acmoyseos@gmail.com
512-466-8252
0 votes Thank Flag Link Wed Dec 26, 2012
Joseph,
You'll have to have a job to get a loan to buy a home. Even renting can be difficult without a job. Hook up with a local Realtor who can help you out with either one or both. I'd be happy to discuss this with you. Don't be afraid to interview a few Realtor until you find one you can communicate with. As a buyer or renter having a local Realtor work for you won't cast you anything. In Texas the commissions are paid by the seller or landlord.

Bill ~ 512-709-6343 ~ bill@Teamprice.com ~ LinkedIn Bill Austin ~ @AustinTxHome
0 votes Thank Flag Link Wed Dec 26, 2012
If you are considering a job change then, yes, you would probably need to rent before purchasing.......particularly if you are planning to obtain financing on your home purchase. Lenders will require a minimum length of salary history before approving a loan. There are options for shorter term rentals should you find a job sooner rather than later and start a history of job income that will satisfy mortgage lenders.
If you need any further assistance in your relocation I would be pleased to help you.

Francie Little, Broker, Million Dollar Guild
Austin Portfolio Real Estate/KW Luxury Homes International
Francie@francielittlehomes.com
512.468.5753
0 votes Thank Flag Link Wed Dec 26, 2012
Joseph, I came from the tri-state area as well and Austin is definitely a great place to be.

If you're not yet going to have a job when you move here, getting a mortgage may be difficult. I can put you in touch with a lender who will look at your situation at no cost to you and give you an honest assessment, but most likely you will have to rent until you have a job and then go from there. If you stay with the same type of work you're doing there, you may be able to get a mortgage sooner than later. If you change careers, you will most likely need two years on the job before you qualify for a mortgage. If you have any other questions, feel free to call me and I will do all I can to assist you. I happen to be one of the top agents in Austin, am with the top real estate company in the US, Keller Williams, and work seven days a week for my clients!

Joe Jarusinsky, Realtor, Keller Williams Realty, Austin's #1 Real Estate Company, 512-261-4415
0 votes Thank Flag Link Wed Dec 26, 2012
Hello, Joseph,

Renting without a job may be as difficult as buying without a job. Landlords want to see income besides credit scores, criminal background, previous rental history, etc. Lenders also need to see income before approving you for a loan. Of course Austin is much more affordable than New York whether you buy or rent. The only way you could rent is if you can show a pretty good bank statement and pay several month rent in advance.

I wish I could give you better news, but that's how it is. My advice to you is to first find a job in Austin and then move. Many people relocate to Austin for its affordability (and other reasons as well, like no State income tax in Texas, no harsh winters, etc), but usually they have jobs or can pay cash for a home.

Hope this helps.

Vivianne Dordea, Realtor
vdordea@austin.rr.com
512-970-8814
0 votes Thank Flag Link Wed Dec 26, 2012
Both the rental and real estate markets are on fire right now, making it difficult for people relocating to the area to find what they need. I've lived in Austin since 1980, so I can tell you just about you want to know about the City. I am a Realtor, and I don't believe in pressure sales, so feel free to call, text, or email me directly with any questions.

Heather Witte, REALTOR, TAHS, CNE
Owner, The Witte Homes Team
Keller Williams Realty
512.994.4663
0 votes Thank Flag Link Wed Dec 26, 2012
Joseph, The answer to your question depends on the type of job you will be looking for and the budget range you are shopping in. Lease rates are high and mortgage rates are really low, so those are two things to weigh carefully when making a decision. I'd be happy to discuss your options at your leisure. You can reach me at (512) 299-3809 or israel@austinhomeshop.com. Thank You!

Israel Gutierrez
Realtor®/Broker Associate
Realty Austin
512-299-3809
israel@austinhomeshop.com
0 votes Thank Flag Link Wed Dec 26, 2012
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