CLIENT: Daniel and Erica M.
LOCATION: Irvine, CA
OVERVIEW: Daniel and Erica have lived in Irvine since 1999 after relocating from Ohio for a job transfer. Daniel works for a health-care company and commutes to Los Angeles four days a week. Erica works part-time as an administrative assistant as they have 2 school-aged children and struggle with finding a good life balance in California, due to the high cost of living and long commute times.
OBJECTIVE: Daniel and Erica were looking for a solution to find a better quality of life with lower expenses, less congestion and a larger home for their growing family.
EXIT CALIFORNIA ROLE: An Exit California advisor (Certified Relocation Specialists – also licensed agents) was assigned to Daniel & Erica. Since they had their eyes set on Texas, we helped them with a roadmap, considering all the most important steps, from start to finish. We helped with finding them a seasoned Realtor/Broker to list their home in Irvine, then lined them up with a top-notch lender for pre-approving them for a purchase in Texas. Once this was in place, we lined them up with another experienced Broker/Realtor in Texas who took their pre-approval and found them their perfect home. All parties involved seamlessly worked together because the advisor made sure all the parties were on the same page – considering Daniel & Erica’s goals and timelines.
Irvine Home Vitals:
Current home value: $1,150,000
4 bedroom, 2.5 baths, 2,051 sq. ft.
Outstanding mortgage balance: $750,000
Monthly housing costs: $5,260 (principal, interest, taxes, insurance, HOA)
SOLUTION: Daniel and Erica spent time researching Dallas, TX as a potential place to relocate due to its thriving health-care scene, rising economy, low unemployment rate, diverse population, and advantageous tax laws. The family visited Dallas a couple of times for Daniel to interview with a new company and to look at home communities. Shortly after, Daniel accepted a job offer and it was time to get their Irvine home on the market.
Irvine home list price: $1,150,000
Final sales price: $1,165,000
Net proceeds after loan payoff and costs of sale: $365,000
Dallas Home Purchase Vitals:
Purchase price: $455,000
4 bedroom, 3 baths, 2,422 sq. ft., with pool and spa
Down payment: $91,000 (20%)
New Mortgage: $364,000
Monthly housing costs: $2,862 (principal, interest, taxes, insurance, HOA)
RELOCATION OUTCOME: Monthly housing cost SAVINGS of $2,398 and NET PROCEEDS from home sale after down payment on a new home: $274,000. The cost of living has significantly improved and the commute is 30 min round trip. So by default, quality of life is on their side!
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