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Relocation company part of equation
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 in advance!
Re: Relocation company part of equation
We refused to have my husband's company's relocation company handle the actual sale of our home. The company did bring money to the table for our close but we had heard too many horror stories of relo companies taking too long to sell the house or under-selling it etc.
The relocation company can play this a few different ways and it all depends also on what the hiring company and the actual homeowner/seller's financial needs are (if any). I've heard of relo companies sitting on a higher price without budging because to them ... it doesn't matter and they would rather get the higher return when it does sell.
I'm going to assume the seller has final over-all say since you mentioned that your agent will submit this to both seller and relo company. THAT is what works in your favor - not the relo company itself. Sometimes in these decisions the original seller no longer plays a roll as the company will pay any fees or bring money to the table.
If it a large company---you can get a great deal on a relo home.
With a relo home, offer a low/fair and don't be afraid to ask for closing, etc. Also, relo companies require 2 full inspections, termite, and legal review to ensure there are no liens on the house. You can request these documents to be turned over for your review and save yourself money on an inspection.
In my case, I received a buy-out number on my house. Meaning at a min I knew what I was locked in to recieve. If the house sold within 60 days, I received a bonus, but all offers had to be reviewed/accepted by the company.
My buy-out was 212K. We (relo company and I) agreed on an offer at 198K plus closing. I was locked into 212K then received the bonus---it was cheaper for the company to pay closing and difference to the buyers than to hold onto the house, especially going into the winter months.
Long story short---don't be afraid to work with relo homes! And my company closes within 21 days if the buyers have their items ready.