Tips on buying home through relo company

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Approximately 1.5 million sellers per year take advantage of an employer-assisted relocation, according to the Employee Relocation Council. Buying one of these listings involves a different procedure than you’d ordinarily expect.

One of the hardest parts of making an offer on a relocation listing is that it can take three to five business days to get a response to your offer from the relocation company. The sale procedure differs from one relocation company to the next. But, generally, the process goes like this.

If the relocation company has a commitment to buy the seller’s property, the buyer’s offer is made to the relocation company, not to the owners who may still be living in the house. The relocation company could be located out of state.

In some cases, the offer is negotiated verbally between the owner — assuming the relocation company hasn’t already purchased the property — and the buyer. Verbal contracts to sell real estate aren’t binding until they are signed by all parties.

The contract and any counteroffers are then sent to the relocation coordinator, either by overnight mail or via e-mail. The contract is then reviewed to make sure that it’s acceptable and that no signatures or initials are missing.

If the relocation company hasn’t already bought the property from the owner, the company draws up a contract mirroring the terms and conditions of the contract verbally negotiated between the buyer and owner.

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After that has been signed by the owner and relocation representative, the relocation rep signs the buyer’s purchase contract and sends it back to the listing agent. 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’s sent for review and signing. …CONTINUED