RELO
I keep seeing listings for “Corporate RELO” or “Corporate owned RELO” (or just RELO) properties but I can’t find an explanation of what it means (and why there are so many listed right now?)
I keep seeing listings for “Corporate RELO” or “Corporate owned RELO” (or just RELO) properties but I can’t find an explanation of what it means (and why there are so many listed right now?)
<– Agent
Usually the broker meant to say “Corporate REO”, not RELO.
REO means that the bank has foreclosed and now OWNS the house.
Corporate RELO would mean that the former owner has relocated and the sale is being handled by the relocation division of the employer.
BIG DIFFERENCE between the 2.
And there are so many because employees cannot sell in a timely way and be made whole — so employers are doing it to keep valuable employees.
relocating — employer bought home/apartment from an employee who is transferred and is selling. a nice perk
“relocation” also know as long term assigment