What does a relocation mean in real estate?

A relocation sale is when the property owner has been or is being relocated by the company or business for which they work. A watch is a home sale that is completed with the help of a relocation company. These companies are hired by companies to help their transferred employees move. A watch company could help the transferred employee hire movers and find a rental home.

If the employee owns a home, the relo company could help the employee sell the old house. When people are reassigned to a different workplace, selling a home is usually required. In a slow housing market that can take time they don't have. Relocation companies can help with the sale.

Whatever your interest (the relocated seller or the buyer with personal or investor interests), if you work through a relocation company, the contract will include a relocation addendum. Corporate relocation services often offer employee relocation assistance, including selling the employee's current residence, as well as purchasing a new home in the desired location. It is important to note that both the relocation company and the home offered for sale are often referred to as “relos”. Having the sale of a home as part of your company's relocation program can be a major benefit that makes the move more enjoyable for the employee, and gives the company an employee who, as they say, “is on the ground and firmly planted in a new location.

Buyers should have a ready source of guarantee money that they can quickly send to the relocation company, says Tonya Hamilton, vice president of relocation at Prudential Woodmont Realty in Brentwood, Tenn. Real estate location companies are companies created to help you with the various stages of moving, especially if you are moving a long distance. While relocation sales don't necessarily translate into quick-sale prices, buyers can count on the home to be priced right for their market, says Michael Nimer, chief operating officer of OneSource Relocation, a relocation company in Marietta, Georgia. Relocation properties also tend to be in good condition because most relocation companies recommend necessary repairs or do them themselves.

Different relocation companies have different ways of working, but the core methodology remains more or less the same. While the company can handle the entire sales process for an employee moving to a new area, outside buyers can also find an opportunity to purchase the property that same employee has just vacated. Relocation companies offer a variety of services between coordinating moves and handling real estate transactions. Many companies go one step further and offer incentives to buy a home in their new city within the year of the move.

While that works in favor of the buyer, negotiation and paperwork may take longer, especially if the relocation company is out of state. The relocation management company (RMC) used by the employer, such as Lexicon, then buys the house on behalf of the company and sells it to the buyer. The first sign to the buyer that the seller is working with a relocation company will be the words “relocation annex required” or “bank annex”, which tells him that the bank is the owner. After the employer buys the house, the relocation company becomes the main party in the sale negotiations.

Jackson Jeannette
Jackson Jeannette

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