Faqs
Frequently Asked Questions
Perhaps you have thought of making a move out of the Bay Area, but are overwhelmed by where to start and how to make it a success. You have come to the right place. We have simplified the process and can create a custom plan for your next move out of the Bay Area!
Many of the common questions
we get from our clients are:
Bay Area Goodbye’s services are available, at no cost, for greater Bay Area homeowners that use one of our Realtor partners to sell their home. Please note that services provided by 3rd parties may have cost associated with them imposed by that 3rd party.
Technically there is no tax labeled “exit tax” for former California residents. However, we strongly recommend conferring with your tax advisor to understand your potential tax consequences.
You’ve probably heard of many reasons in the media why people are choosing to leave the San Francisco Bay Area. Some of these reasons are legitimate, while others are gross exaggerations. But, if there is one driving factor motivating people to move out of California, it’s the cost of living and, specifically, the cost of housing. A number of people have decided that they can improve their quality of life and economic outlook by relocating from the Bay Area
If you are single and netting $250,000 or less or married (filing taxes jointly) and netting $500,000 or less on the sale of your home, you probably won’t face tax consequences. Talk to your tax advisor to understand your specific situation.
When selling an asset as valuable and complicated as a home, “cheaper” DEFINITELY isn’t better.
It is possible to buy a house without money down. For those in the military, they can use the VA Loan Program as cover. Also, you can use gift money from family members, employers, or friends regardless of the mortgage loan you have.
You will CLEARLY have more purchasing options if you have a fairly strong credit score, but it is possible to buy a home even if you have a bad credit score through different methods. A poor credit score only means your mortgage application will be denied. If you can finance the purchase through other means like getting a private loan, your credit score does not matter. Also, when the seller is financing the house, you do not need to worry about your low credit score. Our Realtor partners can put you in contact with expert mortgage and credit repair professionals. Please note, working with some credit repair organizations can actually hurt your ability to qualify for a mortgage or other financing.
You can move to virtually anywhere else that can offer you what California cannot. Some of the more popular locations people are leaving the Bay Area for include: Sacramento, the Central Valley, Las Vegas, Phoenix, Austin, Houston, Portland, Boise, Denver/Boulder, Salt Lake City, and Charlotte, among others. We can help you learn about and relocate to just about any location you’re interested in in the USA or Canada.