Corporate relocation - home sale?

Discussion in 'After Hours Lounge (Off Topic)' started by CapnSharpe, Mar 5, 2005.

  1. CapnSharpe

    CapnSharpe Stunt Coordinator

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    I accepted a new job in North Carolina that came with a corporate relocation package, including the sale of my house. I am a little concerned about how they will sell the house, especially how much the house will sell for. The relocation company and employer make it sound easy - too easy. Both are encouraging me to buy another house in the new location ASAP. The relocation company was also adamant that they won't buy the house if it doesn't sell in 6 months, they will just "re-evaluate the marketing strategy."

    Has anyone here had any experience with a relocation home sale? Did you have to sell the house for less than if you had sold it yourself (i.e., not a relocation)?

    Thanks everyone! I've never been through a corporate location as a homeowner and I really appreciate it the insight into how it *really* works.
     
  2. mark alan

    mark alan Supporting Actor

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    i bought a house from a relocation company and ended up getting it for about 15K less than the previous owners had paid for it 5 years earlier. It was a great, great deal for me.
     
  3. Bob Graz

    Bob Graz Supporting Actor

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    Welcome to NC Theresa. The terms in Relo packages vary greatly by company and even may change within companies. You really need to understand what the terms of your specific package are.

    In the cases I've been involved in, I've been given a guaranteed amount based upon average of several appraisals. I had to try to sell the house for a certain period of time before the relo company took it over. Even when the relo company took the house the deed stayed in my name until it was sold and was then transferred to the new owner.

    I ended up buying new houses before mine actually sold, but I knew what I was getting for my old house.

    Good luck with your move.
     
  4. Jim Sentry

    Jim Sentry Stunt Coordinator

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    As long as your package states that the relo company or the new employer states they will continue to make payments on your existing home you should be OK.

    But if you need any equity out of your current home to buy your new home your relo plan should insure you get that money.
     
  5. CapnSharpe

    CapnSharpe Stunt Coordinator

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    That's one of the two things that worries me. I'll get 30 to 45 nights of temporary corporate housing, and they will make the payments on the existing home for 3 months, maybe 4, if I buy a house in the new location.

    The "marketing" plan lasts for 6 months, leaving about 1 month unpaid. There is nothing in writing about buying the house after 6 months. They have said verbally that they won't - but that isn't in writing either. My new boss (who just relocated a few months ago himself) said they did buy his house after 6 months, based on an appraisal. I have the same relocation package he did.

    It just seems like there isn't much motivation for the relocation company not to stick me with the old house.
     
  6. Jim Sentry

    Jim Sentry Stunt Coordinator

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    I think I would start by getting a couple of other real estate agents over to give you a competitive market analysis.

    See what their suggested list price might be as compared to the relo company's. Also, what if you decide to sell the home yourself or thru another realtor. What benefits will you still get. Will you company still pay the R.E. commission.
     

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