Many homebuyers are familiar with regular home sales and short sales. But what many homebuyers may not be familiar with are relocation sales. These homes are placed on the market because a person may have been transferred to another location. The process of purchasing a relocation sale or relo as it is known in the business may be somewhat different than a traditional sale, but there are some benefits for buyers of this type of home.
A relo sale is typically completed with the help of a specialized relocation firm which are hired by companies to assist their employees who have been transferred sell their home. These firms may also provide the employee other services such as finding movers and a rental home in their new city. Relocation firms are designed to help alleviate any stress on the employee when they have been transferred by their companies.
Relocation firms often assist in the selling of homes for those who are in need of ensuring their home sells even while they are in another city. During the first few months that their home is on the market, it usually remains in the employee’s name with the relocation company providing helpful advice on pricing and how to market their home. If the home doesn’t sell during those first few months it is common for the employee’s company to buy the property releasing them of the burden and enabling them to purchase a home in their new city. Once the home is purchased by the company, the relocation firm then becomes the primary party in all sale negotiations.
One of the main things that buyers want to know when considering a relo home is whether it is cheaper than a typical home. While there are no significant discounts associated with these types of homes, they are fairly priced based on the current market values for the area. Many relocation firms don’t see the homes they are selling as a way to make a profit, they are only concerned with trying to get their clients’ money back. Another benefit of purchasing a relocation property is that they are in relatively good condition. Many firms locate any problems in the home and have them repaired prior to listing the home for sale.
Buying a relocation property doesn’t differ much from a typical home purchase; however the negotiation process may take longer than in an average sale. During a normal home sale the negotiation process over price may be concluded within a few hours; however with a relo home this process may take a bit longer. Many relocation firms are only open during regular business hours and may not be available to respond to an offer until the next business day. If you are considering purchasing a relo home, you should be prepared for the delay.
Relocation properties are worth looking into if you are in the market for a new home. Just keep in mind that the process may take a bit longer than a traditional deal. With that in mind you should be able to find a nice home for a fair price.