The house we are thinking about buying is a house the owner sold to a relocation company...My broker gave me this 20 page addendum, which I've given my lawyer(who hasn't gotten back to me yet, which is why I'm asking here). Both brokers are using high pressure sales tatics to get me to sign these papers. What is usually in these paperwork from relo companies? My broker (who is supposed to be a buyer's agent, LOL) says that these addendum contracts are NOT revisable. Yet, I've read on other real estate forums that they are. Is there anything I should know about dealing with a relo property, because all the realtors involved are just interested in selling here, and it looks like the only person who can protect me is me and my attorney. Thanks
location: MA
2006-12-12 01:08:31 · 7 answers · asked by Patricia J 1 in Business & Finance ➔ Renting & Real Estate
I live in MA, and have bought homes from and sold homes to relocation companies.
The terms of ANY contract are revisable, and even more so those with relocation companies! They want to SELL that house, and so they have an even greater incentive to negotiate than your typical seller.
The relocation company's future business relationship with the company whose employees they are buying the homes from depends on the swift sale of the homes.
The market in MA is VERY slow right now, and if the home is in the hands of the relocation company, it means that the prior owners most likely tried to sell it for 90 days, without success, before they accepted the buyout.
Find out how long the home has been in the hands of the relocation company - the longer the better. Know also that they will do almost ANYTHING to be it off their books (as will the employee's company) before the end of the year, so if you are willing and able to close before year-end, you can write your own ticket.
The language in the relocation company's addendum is typically designed to protect the relocation compan y in the event of any defects in the property of in the title that the seller has failed to describe to the relocation company.
Make sure you have a thorough inspection, including water tests (if well water) and a test of the septic system (if applicable), as well as a radon test.
The good thing is that the relocation company will be willing to address any inspection issues, as opposed to some sellers, who will try to sell as is, where is.
Good luck!
2006-12-12 01:52:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Buying From A Relocation Company
2017-01-01 11:24:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Relocation companies get involved in residential real estate transactions when they are hired by an employer to assist an employee being transferred or a new hire who will have to sell and/or buy a home in the process of taking on their new position. Since selling a home and perhaps buying another one can be a concern for a prospect for a new position, the relocation assistance helps the employer overcome this objection from the candidate. Relocation companies had many advantages, so best option is to get in touch with these companies like jmremovals or many more.
2014-09-23 18:46:02 · answer #3 · answered by ? 2 · 0⤊ 0⤋
This Site Might Help You.
RE:
Buying a house from a relocation company?
The house we are thinking about buying is a house the owner sold to a relocation company...My broker gave me this 20 page addendum, which I've given my lawyer(who hasn't gotten back to me yet, which is why I'm asking here). Both brokers are using high pressure sales tatics to get me to...
2015-08-07 00:29:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
We sold our house to relo company (through relo package) and they turned around and sold it to somebody after many months. I'm pretty sure our house was sold as is. If you offered a really low price (I mean really low) and they took it, you are at least getting a good price. The addendum, although I'm not sure what is in it, probably include owner's disclosure. When the relo company bought it from the owner, relo company took it as is, which means if anything were to happen during the time relo company owned it (months?) they are not responsible. Example is water leak. If the owner didn't know and your home inspector didn't find it, then, only you are responsible. In another word, buying from relo company is very much like buying a foreclosed house from a bank in as is condition except the house is probably better taken care of in general.
My advice is to do thorough inspections and if you are not paying ridiculously low price for it, you may be paying too much.
2006-12-12 01:30:25 · answer #5 · answered by spot 5 · 1⤊ 0⤋
Relo companies and lenders (as sellers of property) always have their lawyers draw up a bunch of addenda to CYA (CTA?) You can counter whatever is in the addenda, but recognize that it is a counter. They may say OK, we can live with that, or re-counter to you, or just say no (as with drugs...).
As a buyer's agent, I always worry about the huge addenda packs that come with relo and lender owned houses, but they do usually look at it as "take it or leave it". Do your inspections.
2006-12-12 05:20:34 · answer #6 · answered by teran_realtor 7 · 0⤊ 0⤋
ask an attorney to be sure. Never put these kinds of things to the wind. Go to a real estate attorney and ask for a half hour or hour of his time and ask all your questions. Also ask him if you run into problems can you call on him.
2016-03-18 04:22:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋