When an employee is reassigned to a different workplace, selling their home can be a challenge in a slow housing market. Relocation companies can help with the sale, and the contract will include a relocation addendum. Outside buyers can also find an opportunity to purchase the property that same employee has just vacated. 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 is firmly planted in a new location.
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 them that the bank is the owner. 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. Different relocation companies have different ways of working, but the core methodology remains more or less the same. Relo sales are sales managed by relocation companies rather than real estate agents or individual buyers and sellers.
The company hires them to do a job, so it often makes sense for them to give themselves more time to negotiate a sale or to have a property to relocate future customers to. The time it takes for a buyer to receive the contract signed by the relocation company depends on how complete the contract is when it is submitted for review and signature. After both parties have signed it, the relocation representative signs the buyer's purchase contract and sends it back to the selling agent. It is important to note that both the relocation company and the home offered for sale are often referred to as “relos”.
Relocation companies offer a variety of services between coordinating moves and handling real estate transactions. In some cases, negotiations are done verbally between the owner and buyer, assuming that the relocation company has not yet purchased the property. While this works in favor of the buyer, negotiation and paperwork may take longer, especially if the relocation company is out of state. When considering buying a house owned by a relocation company, buyers should be aware of all of their options and understand how these transactions work. Working with a relocation company can be beneficial for both buyers and sellers, as they can provide assistance with paperwork and negotiations.
However, buyers should also be aware that these transactions may take longer than usual due to additional paperwork and negotiations.
