A relocation sale is when the property owner has been or is being relocated by the company or business for which they work. 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. 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. 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. 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.
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. If the property is being sold by a relocation company, chances are that most buyers will be able to get a fairly good price and services on that sale. 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.
Relo sales are sales managed by relocation companies rather than real estate agents or individual buyers and sellers. You hired them to do a job, so it often makes sense for the company 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 the owner and relocation representative 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, the offer is negotiated verbally between the owner, assuming that the relocation company has not yet purchased the property and the buyer. While that works in favor of the buyer, negotiation and paperwork may take longer, especially if the relocation company is out of state.