How to Buy a Home That Is Owned by a Corporation

Buying a home from a corporation is typically more complicated than buying one from an individual. Still, the process itself is the same as any other home purchase. The difference is in the time it can take, and the number of parties involved in the transaction. You may think that dealing with a business will make the process smoother, and, in some ways, it can. The issue is that big companies often own multiple properties, making you just another item on a to-do list.

Be prepared. Know what you can afford and compare mortgage lenders. Obtain a pre-qualification letter to submit to the company that owns the property.

Find a real estate agent. If possible, hire one who has experience dealing with corporate sellers. That experience will be useful if you run into stumbling blocks in negotiations or closing.

Make an offer when you find the right property. Keep in mind that when dealing with a corporation, you have more to gain than it does. If you won't budge on a low-ball offer, it will likely wait for another buyer.

Make arrangements for the home to by inspected. Send the report to the corporation and negotiate any repairs. If the representative is uncooperative or unable to negotiate, speak to a manager who has the ability to be more flexible.

Obtain insurance on the property. Choose a provider you're comfortable with. The corporate seller does not need to be involved in this step.

Contact the seller to coordinate the date for settlement. Make sure that the company will be able to sign its documents that day. It is not uncommon for a company not to send a representative in person, but you want to ensure the documents will get signed the same day.

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About the Author

Carl Carabelli has been writing in various capacities for more than 15 years. He has utilized his creative writing skills to enhance his other ventures such as financial analysis, copywriting and contributing various articles and opinion pieces. Carabelli earned a bachelor's degree in communications from Seton Hall and has worked in banking, notably commercial lending, since 2001.