I am in the process of purchasing a new home and now panicking if we should pull out or not. Would appreciate any information in this regard. Bad timing for me.
23 replies (most recent on top)
Next Friday July 10th.
My understanding is affected managers will receive an email notifying them in lieu of a phone call due to the large number expected to be let go. That was the plan as of last week.
Depending on where you are on the loan and which state you're from you might be too late to pull out of an offer.
In California, you have a few contingency periods where you can back out of the deal. If you miss these then you might be out of your deposit.
Be sure to consult your Agent to get the dates.
With that said, how does the mortgage compare to your existing housing costs? Are you getting a home warranty in case something breaks? Do you have enough cash saved to cover expenses for 6 months? Is there anything you can do to lower expenses?
What does your spouse/partner think?
Just move to chop everything is free, then if u get let go, no problem.
“ I bought a similar home to what I owned in California for $290,000 cash“
Can you left and east coast id–ts just stay where you are? You are ruing the local economies of non whacked out areas.
If anyone has insider information on finances for any company, please post here. Smh
Much easier to secure a loan while employed. I'm signing papers today from a process started 3 weeks ago (refi). do it
I was in a similar situation 17 years ago. I simply asked my boss that question .. if she knew any reason I should not. In current environment, more likely than not housing prices are not going any where. In any case June-July are peak prices for the year. Interest rates are also not going anywhere. Waiting till later could be helpful. This could be a buyers market. If there is a specific house, your family's dream house, and you will loose it if not buy it ... you can go for it and still pull out before escrow closes (may loose deposit).
@hfz+15D4mxHs - Generally it's good advice to not let fear keep you from making big investments like that - but when you know of massive impending layoffs, that's the exception to that rule.
My suggestion to OP would be to hold-off closing until after 7/15 - if possible.
Everyone will be off payroll by August 1. Work backwards 14 days and you have your window.
I was thinking the same thing starting 20 years ago when yearly layoffs started. I held off for 10 years out of fear. I bought my house 10 years ago. I bought in a modest neighborhood and a fixer upper home. I’ve paid extra on the mortgage principal every month. I updated my home myself. If I get laid off it’ll get paid off. The point is if you wait you will put your life on hold forever. If I bought 10 years sooner instead of being fearful, my house would be paid off. Today’s always the day!
The consensus seems to be July 10th with LDOP being July 24th. The exception being the Legg group which is maybe August or September.
If the mortgage payments is the same or less than rent it will be best to buy a home. Because I was laid off last year but about 7 years ago prior I was in the same situation as you not knowing if I should buy a home not knowing if I was going to be laid off soon. Luckily I did buy a fixer up home and sold it just 10 days after I was laid off and made over $320,000 cash in my pocket. With this extra cash I moved to Florida where I bought a similar home to what I owned in California for $290,000 cash and with my pension and 401K now my life without T is great.
I’m so sorry you are having to deal with this at this time.
It sux for all of us. The uncertainty is nerve wracking for sure.
Best of luck.
One thing the OP is probably correctly worried about is tying himself/herself down with a house just when a job search may need to be national to be most likely to find a job in a timely manner, especially now, with unemployment already so high. Moving from a rental is hard enough, without also having to worry about remotely selling a newly-bought house, probably at a loss, since you can't be there to deal with it and you can't afford to pay for 2 living spaces very long.
I assume the OP would REALLY like to buy the house. If so, look for another job in your area now, and when you have that job lined up as securely as you can get it lined up, use the AT&T job to help you get good terms on your new mortgage and jump ship to a place that doesn't lay off all the time.
The alternative would be to pass on any security at all for the foreseeable future, because there is no sign that AT&T has any intention of stopping the vague perpetual layoff threats, as they have no need to care about how well we do our jobs or customer service so long as they can bribe government regulators to look the other way.
Try to hold on while you have a job.
I wouldn’t suggest putting your life on hold for AT&T .... this can/will drag on for years. If you like the house, buy the house. Don’t let the company jerk you around. Assuming you are in at least decent financial shape (not buying way beyond what you can support) and would be receiving some severance, you should be fine and can get another job. Also, like another comment below- cut expenses if needed, get a second part time job for a short time, etc . It will certainly be easier to purchase the house while you have a job as well. Don’t let fear make decisions for you.
Put GOD first
I believe it is the week that we come back from Fourth of July break.😐
I’ve read that she’s a hero and a champion for women in high levels of upper management. Not so? Is she evil?
Easier to buy a house when you have a good job, I’d buy now when rates are incredibly low as long as you aren’t over extending yourself. The bottom line is, you’ll get another job if you lose this one. A mortgage payment at 3 or 4% is cheaper than rent in many cases. You have to live somewhere regardless if you work for AT&T or down the street at Home Depot or as a server at the local sports bar. Buy the house, drive a cheaper car, cancel the vacation, cut back on spending but you need a house.
Was told 2-3 weeks, depending on where you sit. Hope things work out for you; good luck.
Yeah I would hold off. Anne chow is looking to clean house. She messes up every org she touches so that she can get promoted.
Just common sense would dictate waiting until you hear vs possibly loosing your a$$ on a new home loan. It s—s, but AT&T could care less about people having sanity.