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What exactly is a "relo" property?
I have been looking at homes with an agent, and the one I really like is a "relo" property owned by a "relocation company." What is that exactly?
Mon Sep 17 2007, 15:40 - Sacramento - General Area - 7 answers
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A Relo property is one that is held by a 3rd party relocation company. The owner has been transferred and their employer has made arrangements to buy them out. Usually there is two deeds created: one from the owner to the relocation company and a second one from the owner to new buyer. The property is held and maintained by the relo company until a buyer comes along.
Mon Sep 17 2007, 19:20 Web Reference: http://pamwinterbauer.com
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To add to Jim's comments regarding disclosure, often times relo companies will not agree to the arbitration and mediation clauses in the purchase agreement...just FYI...so make sure to completely satisfy yourself as to the property's condition.
Mon Sep 17 2007, 17:47
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We have a few in our market - typically a corporate employee is transferred out of state, employee must -sell home - it doesn't sell in the alloted time frame & the corporation buys it from the employee - per their compensation package.
Fairly simple - not like an REO or BPO... Mon Sep 17 2007, 16:45
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Because the relocation company did not live in the house they do not have much knowledge about the condition of the house other than reports that have been given to them and the previous sellers disclosure.
So the property disclosure may "innocently" fail to disclose all the facts about the property's condition. They are not trying hide anything... they just don't know. Since you like the house, you should not let this stop you or slow you down. Just do your due diligence inspections and inquiries. As with any purchase you should fully investigate the condition of the property using an inspector (s) of your choice. Mon Sep 17 2007, 16:30
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Audrey, As the previous agents have answered, it has to do with an employee who is transferring due to their job. The reason that it is stated sometimes that it is a"relo" is that there are sometimes certain restrictions that the company who is paying for the relocation impose, such as which title or escrow company may be used, or certain special forms they want filled out. Often, they use specific realtors to list the property.
Hope this helps. Patti Phillips 800-680-9133 Mon Sep 17 2007, 16:29 Web Reference: http://PattiPhillipsRealEstate.com
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The seller works for a company that provided him/her with an incentive to move, often called a relocation or "relo" package. Sometimes the seller's employer will purchase the property from the seller and then engage the services of a preferred realtor (a realtor they have contracted with) to sell the property.
Mon Sep 17 2007, 15:50
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FIRST ANSWER
Hello Audrey. A relo property is one that the relocation company purchased from an employee. Employers contract with relocation companies when they hire or transfer an employee. The relocation company usually first tries to sell the property, but when they can't do so within a specified time, they purchase the property from the employee for a predetermined price. This is usually a good thing for the employee as they can then purchase a new house at the new destination. I hope this helps.
Mon Sep 17 2007, 15:48 Web Reference: http://www.go2kw.com
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Check out more General Area questions in Sacramento...
Answered Sun Jul 6 2008, 22:26 by Elizabeth Weintraub in East Sacramento
Answered Fri Jun 27 2008, 03:03 by Homa Moaddel in Valley Hi - North Laguna
Answered Sat Jun 14 2008, 17:14 by Ute Ferdig - Great… in Downtown
Answered Mon Jun 9 2008, 19:01 by Maria Avdalas in Sacramento
Answered Thu May 29 2008, 16:24 by Erin Phillips in Sacramento
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