What should I do

[ivegotgas]

I'm looking for some career advice.

I recently left Company A to join Company B, this involved relocating to a new city. Unfortunately with the housing market slide in Alberta, I have been unable to sell my house in my old town and am stuck paying $5000/month between mortgage in the old residence and rent in the new city.

Part of the package to join the new company was an incentive signing bonus which I haven't touched to date but will have to start tapping into to pay for housing if my house doesn't sell soon.

I have been offered another job with Company C, which would see me move back to my old town, thus relieving my housing woes...

What do I do with Company B, They are depending on me, as they had been looking for someone for a long time, they pay well, and the job is interesting, on the other hand, I financially can't keep this up. Any advice on how to deal with Company B???

 

[Unotec]

Talk to your manager, the company might be able to help you out if they want you that much.

<<A good friend will bail you out of jail, but a true friend
will be sitting beside you saying ” Damn that was fun!” - Unknown>>

 

[ash9144]

Be careful with signing bonus. If you leave the new company they will probably want that and any relocation reimbursement back if you leave. Which if they used a moving company is probably a lot higher than you realize.

 

[CorBlimeyLimey]

Can you not rent your Albertan house?

 

[GregLocock]

So, your obstinacy over the selling price of your Alberta house is costing you $40000 a year? In the absence of company C I'd personally drop the price of the Alberta house by say $40000 and get rid of the sucker pronto. I would also make very clear to company B that you have had to do this. Company B might take it off your hands (if they are barking mad, in today's climate).

However you need to do all the sums now that you've got company C to consider.




Cheers

Greg Locock

SIGlease see FAQ731-376 for tips on how to make the best use of Eng-Tips.

 

[cedarbluffranch]

Greg, you might want to check your math. After all, we are on an engineering board! $60,000 a year is his cost.

 

[GregLocock]

He's rent free in newtown? Or maybe he just sleeps on park benches.




Cheers

Greg Locock

SIGlease see FAQ731-376 for tips on how to make the best use of Eng-Tips.

 

[debodine]

It appears Greg made a reasonable assumption, something we engineers must do often. Of the $60,000 per year in total housing expense quoted in the OP, Greg assumed about 2/3 of the expense was the house payment in Alberta and the other 1/3 is the rent payment in the new city.

Am I right, Greg? If so, I think it is reasonable to allow you to remain a contributor to this engineering board. Now cedar remaining on this board is another issue... )

Since this post is intended to be all in fun, you should know that I have been tweaked for not completely reading an OP much more often than just once on this forum...and deservedly so.

Craig

 

[ivegotgas]

I appreciate the answers, but just a few clarifications

Greg,

I am not being obstanant over the price of my house. If you must know I bought a year ago, I listed it 10% ($38,000) below what I paid in October of 07, and for $8000 less that the appraised value (appraisal done in September 08)

The house is in small town alberta, and the housing market is crashing! There have only been two houses sell in this town in the last 2 months, it's not that I'm stuck on a selling price, there is simply no one around to buy.

Of my $5K/month for housing it is split about 60-40 between mortgage and rent respectively. (once again moving from small town Alberta to Calgary where the prices are still high).

Company B hasn't paid for any relocation yet as all of my stuff is still in the old town.

If I dropped it another $40,000 I would lose over $75,000 in under a year!

 

[KENAT]

ivegotgas,

"If I dropped it another $40,000 I would lose over $75,000 in under a year! "

Sadly that's what a housing market crash can mean.

Trust me, reduce it low enough and someone will be interested, it's just at the moment 'low enough' is very low, possibly lower that the 'appraised' amount by some way.

A difficult situation and I wish you the best, just try to consider everything including quality of life issues etc.

Is there any possibility of renting out the old place? It can be a pain and may not be a long term option but you might consider it.


KENAT,

Have you reminded yourself of faq731-376 recently, or taken a look at

http://eng-tips.com/market.cfm?

 

[TheTick]

How much equity do you have in the house? This is how much you stand to lose. There are options, such as refinancing or voluntary foreclosure.

Perhaps refinancing to a short-term interest-only loan. That way you are not adding equity into an asset with declining value.

Can you turn the house into a rental? Maybe it can make money for you.

 

[s0eebuch]

That sucks, sorry to hear.

If it were me, I would certainly talk to my employer - especially if it means possibly leaving the company because of.

It sounds like they were looking for you for a while and would at least make some effort to retain you - especially in assisting you with something that isn't your fault. And they knew you were moving towns when they hired you, right? And they also know this housing market is in the crapper, right? So....none of this should come as a surprise.

At least, if I were your manager, I'd certainly want to know the situation. Plus, the stress of the situation might affect your work - another item I'd like to know about/discuss as your manager.

Just my 2 cents. Good luck!

 

[macmet]

Maybe if you get me a job at Company A I will buy your house...

jk.

 

[SylvestreW]

Sorry but it sounds like you have to bite the bullet and fire-sale the house. It will mean losing a lot of money (more than you'll likely recover from the new salary and bonus - for a while) but in the end, you'll lose the anchor dragging you down.

-
Syl.

 

[COWBOYME]

Okay ivegotgas, “in my opinion”, there is only one thing in life that trumps your professional commitments, and that is the welfare of your family. If you are a single guy, then, you have to suck it up and ditch the house taking whatever loss that comes because of it. You were offered a job by this company in good faith and they have upheld their part. So you ought to be loyal to them. However, if you have a family that is counting on you for income and who’s quality of life will be affected, then you need to weigh all that and make the decision that most benefits them. Either way, you should definitely keep your boss in the loop and let them know what you are struggling with. If they are decent, and you decide that going back to smalltown is what you need to do, they will be prepared and you will probably avoid burning that bridge.

Good Luck!

 

[macmet]

...and to add to what cowboyme says. I'm sure if you go to a someone and honestly tell them for the sake of your family you have to do __________, they'll understand. They may be upset and/or disappointed, but they'll understand.

 

[desnov74]

Turn it into a business that would be controversial and draw some press attention for attracting potential buyers, like Alberta Bikini Car Wash.



........Yes were slow and Im on lunch break

 

[ivymike]

I hear it's a bit chilly in alberta at the moment- the car wash might be just the ticket!

 

[BigInch]

Ask Co B if they could buy your house in Alberta.
At least you'll know how much they like you, or don't.

Seriously, why not explain the situtation to them and see what kind of arrangements might be possible. Those that don't ask...

**********************
"Pumping accounts for 20% of the world’s energy used by electric motors and 25% to 50% of the total electrical energy usage in certain industrial facilities." - DOE statistic (Note: Make that 99.99% for pipeline companies)

http://virtualpipeline.spaces.live.com/

 

[ischgl99]

ivegotgas, did you accept the position with company C and are moving back? I see another post from you mentioning you gave two weeks notice. Inquiring minds want to know