Editor's note: This is a transcript of the audio file.
You're heard of foreclosures and short sales. But how about a relocation sale, or relo?
These homes are on the market because of an employee's out-of-town job transfer, and you can take advantage. I'm Janet Stauble with your Bankrate.com Personal Finance Minute.
Companies hire relocation firms to help their employees transfer. If an employee's home isn't sold quickly, the employer may totally or partially buy the property. The firm then completely takes over sale negotiations.
Once the company takes over, the buyer has an advantage. They're dealing with a seller who has no emotional attachment to the house. It becomes an easier and quicker business transaction.
Relocation sales don't always lead to fire-sale prices, but buyers can count on a fair price. Firms aren't trying to turn a profit, they just want to recoup the money the company spent to buy the home.
Relos also tend to be in good condition since most firms take care of repairs.
Want to learn more? Log onto Bankrate.com. I'm Janet Stauble.