I was called for an interview on Friday by the Ann Arbor News. They were doing a article on Pfizer’s relocation package out of Ann Arbor. I was happy to talk to the editor doing the story and my thoughts were it’s a good thing I did as she really did not understand the “lose on sale” clause attached to the package. Basically, Pfizer has agreed to pay their employees the loss difference in what they paid for their home and what they can get for their home in today’s market up to one hundred thousand dollars.It is really not that difficult of a concept to understand, many corporations do offer this to highly sought after employees.The package Pfizer is offering is to reimburse the employee up to 100K, if they aren’t able to sell their home for what they paid. My thought is it will only effect those homeowners who bought since the market turned down. I am guessing those people who bought from 2001 to 2007.
Since I have been working with two Pfizer families, I was aware of the situation. One of them will probably lose on the home they purchased 2 years ago and will be able to take advantage of this offer. One will not lose because they have been in their home for 9 years. They will not make as much as they would have had we not had to down-turn in the Ann Arbor Market but still clearly a profit.
In the course of the interview, it was necessary to explain this to her, as she was not clear on how it worked. Understandably for a reporter but not for a realtor. Relocation companies that work with major corporations frequently do this type of ” lose of sale” if they really want that employee.
Here is how the explaination came out:
Re/Max Platinum broker Missy Caulk said it’s important for Pfizer workers to carefully read and understand their relocation offers. She said it’s likely the only people who will need to take advantage of Pfizer’s compensation if a home sells below its value are those people “who bought in the past few years and can’t get what they paid for it.”
Not exactly what I said and sorta insulting to the highly skilled, smart Pfizer people, don’t you think ? Maybe I’m being over sensative but you always feel bad when your misquoted. Of course they will read and understand their relocation package !!
For those interested you can read the entire article here.