Home Buying in Indianapolis>Question Details

Richard Kana…, Home Buyer in Brooklyn, NY

How to Orchestrate a Relocation to Indianapolis (First Time Home Buyer)?

Asked by Richard Kanarek, Brooklyn, NY Wed Jan 16, 2008

Greetings from Bklyn, NY!

I may - or may not! - be relocating to Indy within an indeterminate number of weeks. I will receive no reloc assistance, and I will need to complete my move QUICKLY! It would be very, very helpful if I had some specific place to move to, if my transfer comes through.

I was thinking of buying a very cheap house (under $50K, preferably way under).

What are my options? Can I begin the purchasing process for a house conditional upon my relocation? Can I arrange a "rent with an option to buy" lease in advance? Can I begin the process now, and then complete it quickly if I get my transfer? Other ideas???

I wouldn't purchase a house without an inspection/etc.; how would that affect my scheduling?

I wouldn't mind risking a small deposit to hold a house, if that would help.

I'm planing to drive to Indy shortly to examine some houses/neighborhoods; is there anything else productive I could do while there?

Thanks in advance!

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Answers

3
Welcome home to Indiana, Richard! You have many excellent questions.

Whether or not one receives assistance from their employer for relocation, it is always advisable to find a good agent with a reputable brokerage, with a strong relocation department. Relo companies who serve the corporations place stringent requirements on agents working relo (ethics, productivity, communication skills, attention to details).

Once you find out if the move is a 'go', then a good agent will show you your options. Remember, the services are most often paid out of the listing/seller's side when closing. So, you reap many benefits by working with an agent, especially in a buyers' market. Earnest money should accompany a written contract (Purchase Agreement), only if you are serious about the property and you know you will absolutely move (unless you plan on purchasing as an investment and leasing to another). Good luck!
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0 votes Thank Flag Link Sat Feb 2, 2008
Richard, I agree with Brad on both the first right of refusal and the lease to buy, although the lease option does allow you to get to know the area before you purchase the home. Relocating to a new area can be difficult if you don't know anything about the area and where you want to live. You didn't say how long your visit to Indy would be or if you have friends/family in the area. You might want to consider contacting an agent in the area who could assist you in getting information on homes and neighborhoods and even look at some homes while you are here. If you aren't ready to take that step yet, there is a wealth of information both in print media and on the Internet about the Indy area that could guide your visit. Doing so would give you a better feel for what Indy has to offer when you return home. I'd be happy to help you with any other questions you might have. Good luck on your search.
0 votes Thank Flag Link Thu Jan 17, 2008
Richard, You have many options avalable to you. You may be able to do a lease to buy option, although you generally overpay for the home in that case. You could start the purchase process as a first right of refusal conditional on your relocation. That is probably your best bet because you should not lose your deposit if you do not buy the home. The drawback to this is that the home will still be shown and may recieve another offer. I would love to help with any questions you may have.
0 votes Thank Flag Link Wed Jan 16, 2008
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