Unique Home Sale🤔
Today, homebuyers remain familiar with the conventional home sales and short sales. However, only few of homebuyers understand another type of home sale, known as relocation or “relo.” This process embodies a home for sale due to an employee’s out of town transfer or move out of state/town. Many differences surround this home buying process. However, many distinct advantages positively affect home buyers.
What is Relocation? 🚗
Relocation embodies a home sale that is carried out by a designated firm. Often times, companies hire these firms to assist with the transferred employees move process. Specifically, the companies assist the employees to hire movers and find a rental home in the meantime. Additionally, firms help the homeowners to sell their old homes.
Two stages personify the benefits which a relocation firm offers to their clients. First, the company lists the home on the market within the first few months. Typically, the home bears the name of the employee. Meanwhile, the relocation company provides advice on marketing and pricing. If the home is not sold within the given period of time, the property may be taken over by the employee’s company. This enables the employee to buy a house in his or her new location. Then, the relocation company involves itself in the home’s sale negotiations.
The buyer yields a great advantage in these situations because the deal is a business transaction rather than a deep emotional process. Moreover, the buyer knows that the seller does not attain emotional attachments, easing the process. Many times, buyers experience simpler and shorter negotiations as against the normal seller-to-buyer transactions.
Price Differences 💸
Essentially, these specific sales yield potential for inexpensive results. In fact, buyers look forward to a fairly priced home on the market.
Additionally, these homes remain in good condition, since majority of the relocation companies insist on major repairs. Sometimes, the company conducts the repairs themselves to prepare the home for its best condition.
How to Purchase a Relocation Home 😲
The process of buying a relocation house involves few twists. It takes longer time to conclude price negotiations unlike in the normal home sales where such negotiation can last just a few hours as sellers and buyers hurriedly consult with their real estate agents.
Typically, the firm remains open during standard business hours; however, some instances do not allow for this. With this in mind, the firm may not remain available to respond to a weekend offer. It is important for buyers to be financially prepared when buying a relo property. This is because the location firms sell houses to buyers who have a ready source of earnest money they can quickly send to them.
As a homeowner, it is advisable to first sell your old home. Assuming you intend selling your present house before you purchase another one, you should first conclude that before embarking on buying a home from a relocation firm.
Some homeowners have homes that are still under contract with buyers and are yet to close. Prior buying a home from a relocation firm, such owners will be made to provide copies of their sales contract and information on the expected closing date. They should also be ready for more paperwork as additional riders and amendments will be signed by buyers to minimize the relocation company’s liability.