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Relocation company?
We looked at a house that we really love but it's about 30k over what we can afford. It's overpriced, but we are trying to figure out how much.
Anyway, we got an email from the seller's realtor (who told us she thinks it's overpriced) and she said "don't hesitate to come forward with any price you would be willing to pay. I'll run it by the seller and relocation company."
What does this mean? We've never worked with a relocation company and don't know if that's something that works in our favor or not, or if it doesn't have any affect on anything. She told us when she showed the house that the guy who lived there really loved it, but there was a company trying to get him to move to Colorado for years, and they finally sweetened the deal enough to make him leave his house and move to CO.
Any clues on whether the relocation company part of this makes any difference? Thanks!
Re: Relocation company?
Do they buy out what he owes (probably not, wouldn't be worth it) or buy the house at fair market value? Or pay the difference if he takes a loss?
ETA: fair market value is the part that's really hard to determine on this house because there aren't really any comps. It's in the country on a river, so there's value to the fact that it's on a river, but only value if someone is willing to pay for it. In this case, there isn't anything to compare what people are willing to pay for a similar house on a similar property.
He may be underwater, and they just want to determine if its worth it to pay the difference to get him out of there.
And FMV can be difficult, but in a case like that its probably going to hold value fairly well....again, just an uneducated guess.
I've seen many houses where Mr. Smith sells to ABC Relocation co...who then sells to Mr. Jones 2 months later, etc.