There’s good news to report during the Summer of 2010: corporate relocation buyers appear to be back in action in Massachusetts.
Corporate “relos” important in MA real estate
Corporate relocations have played a major role for decades in the Massachusetts real estate market .
But relocation moves were few and far between at the height of the financial crises of 2008-2009. The uncertain business outlook meant there simply weren’t that many employers bringing employees in and out of our region.
Corporate relocations pick up the pace in 2010
But as the US economy continues to stabilized in 2010, there appears to have been a sizable rebound in relocation activity in Massachusetts, especially in the I-495 high tech corridor. That’s good news for everyone in the region.
I personally have been busy with a lot of relocation business this year, especially during July.
Intriguing tale with happy ending
There’s a good story to tell concerning two relo buyers I recently helped find a home in MA.
This couple had made a special home-finding trip from India as part of the husband’s taking a new position in state with a Fortune 500 company.
In a marathon home tour spanning several days in early July, I showed 40 + homes to these relo home buyers.
We found nothing they liked, except new construction at a development in an upscale MA town just north of the intersection Routes 95 and 495.
But the floor plan that the buyers liked cost $20,000 more than this couple comfortably wanted to pay. And the builder refused to cut a deal to get these buyers under agreement on a new construction home at the project.
The buyers felt stymied and were out of time: Mrs. Buyer had to return to India and Mr. Buyer had to leave Massachusetts to attend an out of state 2 week training session held by his employer.
Resale homes in competition with new construction
There were two resale homes at the same development that were in competition with the new construction homes by the builder.
These resale homes were priced way above the buyers’ top target purchase price.
But the competition between the resale homes and the builder’s new construction presented us with a potential opportunity: would one of the resale homes undercut the builder’s new construction prices?
Making an offer sight unseen
The buyers lacked the time to personally tour these resale homes before they left Massachusetts.
I suggested that the buyers go ahead with their travel obligations while I contact the two resale homes to see if either might want to consider selling at a price these buyers were willing to pay.
The goal was to see if we could get one of the resale homes under agreement while Mr. Buyer was at his training seminar out of state before he had to return to India in late July.
One of the two resale home sellers was interested in a discounted sale price the buyers could afford.
I met the listing agent at the home, took multiple videos of the interior and drafted an offer, all of which I uploaded to my on-line file sharing account for the buyers to review and approve.
The buyers OK’d the offer which had a special clause allowing them to cancel the purchase if Mr. Buyer was dissatisfied with the home when he had the opportunity to personally visit the property in late July on his way to Boston to fly back to India.
The home seller signed the offer – a major coup for the buyers’ side!
Home inspection alone
I set up and attended the home inspection on behalf of the buyers.
The home inspector emailed the inspection report to both Mr. Buyer at his training seminar and to Mrs. Buyer in India. I helped the buyers review and understand the report via email and telephone.
Mr. Buyer loves home
Mr. Buyer got inside the home for the first time in late July and loved it.
He called Mrs. Buyer from the home (midnight her time in India) and walked through it again, answering all her questions.
The buyers will sign the Purchase and Sale Agreement next week in India and send it back to me for sellers to sign. The earnest money deposit will be made via wire transfer or electronic check.
All this was possible because the buyer trusted my judgment and agreed to make an offer on a home sight-unseen.
They got a great home at an advantageous price that substantially undercut the new construction pricing insisted on by the builder.
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