Well, I wrote an offer for a house last night. It was a “Relo” house. That is short for RELOCATION. That is one of those deals where some executive gets transferred or takes a new job. A Relocation company comes in, appraises the house, and tells them they will buy it from them for a certain price if they can’t sell it themselves by a certain date. Either way, the sale goes through the Relo company.
This is the second time that I have seen my clients get a good deal. What you have to do is catch the house right before the Relo company has to buy it. With real estate the way it is, the Relo company doesn’t want to hold it. As time runs out, the seller will usually lower the price in the hope of getting a little more than the guaranteed buy out price. This is the time to act. You can sometimes even get it for less than the Relo company’s price. The Relo company will look at how much it will cost them to hold the house. In really slow areas they may rather lose a little to get it done. The seller doesn’t really care since the Relo company is giving them their predetermined price. It is one of those rare deals where everybody is a winner!
You aren’t going to save the kind of money you can with a short sale or a foreclosure. But hey, you aren’t going to have the downside of those types of sales either. When you buy a Relo house, the Relo company wants to shield themselves from liability. Typically they have already done termite and, in our area, radon inspections.