Buying from Relo - Waiting on Contract (contingent, agent, offers)

[Marshall Gibson LP]

I put in an offer on a house that my wife and I really liked on Friday. The house is being sold through a relo company, but I think it is still in the period of time when the original homeowner still owns the house (they still have furniture in it for "staging"). They countered Saturday morning, we countered back Saturday afternoon and by Saturday evening I got word from my buyer's agent that everything was agreed to and we have a deal. Great! We even popped champagne.

Now it's toward the end of the day Tuesday and everything is still under review for signature by the relo company. Since it is technically under contract until they sign off, someone could still come in with a better offer and get the house. The feet dragging by the relo company is driving me nuts. What is everyone's typical experience with how long it takes for them to initial everything? The skeptical part of me tells me they are stalling to shop for more offers but I'm seriously considering pulling MY offer if I don't hear back soon.

[MikeJaquish]

Relo companies do not care about you, your concerns, or your nerves. It often does take longer than it should.

Don't pull your offer. You are in the game as long as they have it. But, keep looking at inventory.

[VickiR]

Did the seller approve the offer or did the Relo company approve it?

If the Relo company approved it, they will take a couple of days to sign the paperwork BUT they usually will have the agent put the listing into MLS as "contingent" or "pending" and won't take any other offers. they aren't as greedy as some sellers and they just want the deal done!

At least, that is how the Relo companies that I have dealt with do it. I'm in NC so not sure if there is a difference.

Vicki

[Jo Poulin]

Here is the way relocation works:
The seller keeps the house in their name until they receive an acceptable offer. Therefore, the seller negotiates everything with the buyer. Upon acceptance of an offer the relocation company takes over. This means they sign all the paperwork, purchase the house from the seller and everything goes into their name.

Most relocation companies take about 2-3 days to sign everything and get it back to you. If the relocation company accepts your offer verbally they keep their word. It is there reputation on the line and that is important in the real estate business. So what you are going thru is perfectly normal.