Home Buying in Maryland>Question Details

Tom, Both Buyer and Seller in Maryland

Does anyone have experience with buying a home from a relocation firm? We thought we were buying from

Asked by Tom, Maryland Tue Feb 5, 2008

original owners only to keep getting new addenda & disclosures. We like the house, but are weary about dealing with large firm with unlimited resources. Any advice, pitfalls to avoid. Thanks

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Tom,
To answer your second question: You won't find a relo company that doesn't have pages of addenda and disclosures. It's just how they do business. They primarily want to disclose, disclose, disclose to limit their liability. In Maryland, where sellers aren't required to complete a property disclosure form (and many opt for the "no answer" disclaimer), you get the added benefit in that the relo companies DO require the sellers to complete their disclaimers. Just look at all those added pages as a bit of a nuisance and a large dose of CYA. You can get an attorney to review them, but ... the relo company isn't likely to allow you to change any of the language in their forms. Again, these are VERY common. I can understand the cause for concern (a 30page contract can easily balloon to 60 pages or more), but try to look past that. Let your agent reassure you and know that you're buying a home that you want for you and your family.

One caveat: some relo companies can take a week or two to get you an executed contract (most have gotten better with this). Don't let that worry you, either. They just work differently than agents work...

Ted Stewart, CRS, e-PRO
Yerman Witman Gaines & Garceau Realty
Ted@TheBaltimoreRealtor.com
0 votes Thank Flag Link Tue Feb 5, 2008
Thank you both, would you recommend hiring a RE attorney to help sift through the addenda or should a good agent be able to do that? Have you ever seen relo firms (especially in this buyers market) not require their special forms?
0 votes Thank Flag Link Tue Feb 5, 2008
Relo sales are very common. Your agent should be able to walk you through this. There's really no reason to be wary. For tax purposes, this is often the best way for the seller to transfer title. Unfortunately, you'll have pages and pages of disclosures and addenda. There will be a lot of redundancy. Just read the relo forms carefully - they clearly state that if there is any contradiction between what is included in their forms and what is in the standardized contract of sale that the language in the relo addenda will prevail. The primary thing I've seen here is sometimes the number of days you have to obtain or respond to inspections. You can always keep some perspective by knowing that sometimes you are able to get a better price when there is a relocation package in place for the seller...

Ted Stewart
Yerman Witman Gaines and Garceau Realty
0 votes Thank Flag Link Tue Feb 5, 2008
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