Having recently made the leap from being a renter to a first-time homeowner, I was naive to all of the aspects that go into the homebuying process. One in particular dealt with working with a relocation company in the negotiation process. For those who aren’t familiar with relocation companies, they are a third-party firm brought in by an employer to assist an employee with all aspects of moving to make the relocation process a bit easier. The seller and the relocation company both weigh in on negotiations for the house. Once all parties agree upon the deal, the seller will sell the house to the relocation company who then sells the home to the buyer.
Working with a relocation company can lengthen the negotiation process, since more parties are involved in agreeing upon the terms of the home sale, in addition to the fact that relocation companies only operate Monday through Friday. All relocation companies are not created equal, so be sure to have your agent or Realtor® do some research on their reputation.
Here are several benefits of working with a relocation company to purchase your home:
- Depending on how long the home has been on the market, the employee’s company can purchase the property fully or partially until it is sold. If this happens, negotiations would take place through the relocation company and could be a smoother process, since there are no emotions involved in selling the house.
- For buyers who are considering purchasing a home through a relocation company,typically, the condition of the home will be in pretty good shape compared to a short sale or a foreclosed property. It is in the relocation company’s best interest to ensure that the home is in good condition in order to sell the home as quickly as possible at the fairest rate. If anything in the home is in need of repair, the relocation company will typically suggest what should be fixed prior to selling or make the repairs themselves.
- Another benefit of having a relocation company involved in the purchase of the home is that they will know the sellers’ financial situation, which will help prevent you from having to pay out additional money when it comes time to close on the home.
Although uncommon, if the seller’s financial standing with their current mortgage and personal funds are not conducive to selling the home, they may not be as flexible when it comes to the lowering the price they sell for or offering to cover closing costs and inspections. Be prepared to renegotiate multiple times before coming to a final agreement. Working with a relocation company can be a great experience, just be sure to do your research beforehand. No matter how you’re searching for your next home, Homes.com is here for you every step of the way. Be sure to visit the Homes.com Idea Gallery today for more homebuying tips and resources!