Corporate Relocation Real Estate Sales
What You Should Know If You're About To Make A Job Transfer
Moving can be a stressful experience for anyone. But when it’s due to a corporate job transfer, it can really cause your blood pressure to climb. Everything is usually compressed into a very tight time frame. And if you’re moving to an unfamiliar area or leaving a place you’ve grown to love, there’s sure to be plenty of tearful goodbyes, too.
Corporate executives who’ve moved many times will tell you that it’s a time of uncertainty and one that’s often accompanied by a feeling that your family’s lives are in someone else’s hands. But fortunately it’s only temporary. And it can be much less stressful when you know what to expect ahead of time.
Over the years we’ve helped a number of families with the real estate part of their corporate move and have seen first-hand how important early preparation really is. Those who get all their ducks in a row up front and are prepared for what lies ahead usually have a much easier experience and are able to approach the move with a greater sense of anticipation and joy.
Relocation Packages Come In Many Shapes & Sizes
Most people embarking on a corporate move will receive some sort of Relocation Package from their employer. For some it might simply be a lump sum of money to defray some or all of their relocation costs. For others it might be a reimbursement allowance up to a maximum amount to cover certain relocation-related expenses.
But the most common type of relocation package is one where the employee is assigned a specialist from a third-party relocation company who helps coordinate and manage the move from start to finish. This often includes assistance to help the employee sell their current home and purchase a new one in their new locale.
Many relocation packages take it one step further by offering a buyout of the employee’s current home, which not only takes away some of the stress of trying to sell in a hurry but it also enables the employee to be a non-contingent buyer when making an offer on a replacement home in their new community.
The buyout is guaranteed cash in the employee’s pocket. But it can also be for less than what the employee thinks the house is worth. That’s because of the uncertainty the relocation company will face when trying to sell the home after you move out. It might take longer than expected and there’s no telling what the eventual selling price will be. So that risk is usually factored into the buyout amount.
And for that reason, many sellers opt to try to sell it themselves first, knowing that if it doesn’t sell in a reasonable amount of time, they can just take the home off the market and accept the buyout. In fact, some relocation packages require the employee to try selling the home themselves for a certain period of time before they’re allowed to take a buyout.
Inspections & Necessary Repairs
Whether you try to sell the home yourself or accept a buyout, the relocation company will ultimately purchase the home from the employee and complete the sale to the buyer. And because they’re assuming liability as the seller, they usually insist on correcting any known flaws in the home (and often before it ever goes on the market).
So one of the first things the relocation company will do is order a series of inspections. The most common are home, pest and roof inspections, but they may order additional inspections, too. And the cost of any necessary repairs will be incorporated into the buyout amount.
Relocation Assistance When You’re Buying
Selling your home or deciding whether to take a buyout is just one part of the relocation process. The other part — and the one that often brings a lot of uncertainty and trepidation — is finding a home near your new job location.
Often the employee is moving to an unfamiliar area, so the challenge is not only finding a home that will suit their family’s needs but also making sure the community they’re focusing on fits the bill when it comes to schools, commute distances, recreational & cultural amenities, nightlife, proximity to airports & major freeways, etc.
Relocation packages usually allow several house-hunting trips to the new location and that can be an overwhelming experience for some buyers, especially those who feel a need to make some pretty quick decisions on where to live, despite knowing little about their new locale.
For that reason, having a real estate agent with strong relocation experience is critical. You may only be visiting for 2-3 days and some of that time might be involved in meetings with people in your new office. So it’s important to cover as much ground as possible while you’re there and really familiarize yourself with the area. You want to find the right home but you also need to make sure it’s in a community that best aligns with your family’s needs.
Select An Agent With Strong Relocation Experience
Make sure the agent you’re working with knows the area very well and will be able to spend ample time with you while you’re in town. It’s important that you get all your questions answered and feel as confident as possible about buying a home in whichever community you decide on.
When we work with relocation buyers, we take a very systematic approach in an effort to make sure we’re maximizing our client’s time. Although we’re usually able to answer most of their questions, if there’s something we don’t know, we can usually point them to a reliable resource that can provide the information they’re looking for. Our goal is always to help our clients get to know our area first, so the home, neighborhood and community they ultimately choose fits their needs as well as their pocketbook.
We’ve helped many relocation buyers and sellers over the years and are always happy to answer questions and make suggestions. And of course, we’re always delighted to represent those planning to relocate to or from Benicia and Vallejo as well as the rest of Solano and Contra Costa Counties. Please Contact Us if we can help.
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Questions? Need More Information?
If you have questions or would like more information on how the relocation process works and if you’re not already working with another real estate agent, we’ll be happy to assist. And, if you’re contemplating a corporate transfer and would like to talk to us about potentially representing you in the sale of your current property or finding a replacement property in our market area, please Contact Us. We love sharing our knowledge and experience.