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Author Topic: This is what happens when we assume...  (Read 452 times)
CE Search Consultant
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« on: May 21, 2008, 05:38:15 PM »

Now THIS has never happened to me before Cry.  As much as I try and recruit candidates from the local geographic market, a couple times each year I throw down a couple relocation deals.  Last month I had a GREAT engineer from the Mid-Atlantic region accept an offer from a client of mine in Arizona.  He and his wife visited the area during the interview, stayed the weekend, met up with a realtor who showed them numerous properties, one of which they fell in love with.  Of course the weather always cooperates in Arizona so it was gorgeous out there.  We negotiate an offer, the wife makes plans to sell her business (luckily she did not sign the dotted line), the candidate accepts, signs his offer letter, sends it back to my client and resigns on Friday morning.  Friday afternoon he talks to his wife, who had just talked to their local realtor, and it turns out that if they sold their home they would be $40-$60G's in the hole Shocked Shocked Shocked Shocked.  That's right AFTER his employer accepted his resignation.  Long story short, the deal of course fell through Angry Angry Angry, the candidate had to crawl back to his boss, and luckily he did not burn any bridges as they welcomed him back with open arms.  Back to the drawing board. 
« Last Edit: May 21, 2008, 08:20:00 PM by CivilEngineeringCentral.com » Logged
redmondsearch
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Josie Summa


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« Reply #1 on: July 19, 2008, 07:25:19 PM »

That is awful! 

They welcomed him back with open arms?  Sure they did, and they are also making contingency plans because he's proven himself to be a "wild card" who can up and leave at any time! 

For my first 10 years in this business, the housing market was consistently favorable.  I used to advise candidates to not only meet with a realtor on the destination side, but also on the origin side...before the interview...so that they would have some idea of how much equity they were taking to the new market. 

(Under these market conditions, this exercise was also good for negotiations.  A candidate who knew s/he was moving forward with a load of cash under one arm can be a less prickly about the income details.)

Now, I am advising candidates to meet with realtors on the originating side to identify deal breakers early.  My, how things have changed!

You -- and your client -- did everything right on the destination side...invite the spouse, have a programmed house hunting trip, etc. 

You were both (all three?) victims of the "housing correction."  I'm sorry it happened to you. 

I have to wonder, however, did this family have no clue that their own housing market had changed so radically that they were now upside down?  Am I the only one who has an unhealthy obsession with watching my home's value sink weekly on Zillow?   LOL!  (kinda)

Josie
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