Question Details

Eunice, Both Buyer and Seller in Gantt, AL

I am getting really desparate to sell our house and I keep seeing these ads on buy your within in so many

Asked by Eunice, Gantt, AL Sun Oct 28, 2007

days -- I'm wondering if they are the real thing or if it's just too good tobe true?

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4
First, Mansur is right, SOME of them are SCAMS. Many are not, it's just business and the goal is 50% of the market value, not listing price, not appraised value. If you do talk with them, have a trusted and intelligent friend with you and don't sign anything without an attorney looking it over first.

This is how they generally work. They instantly want to save the commission plus 10%. So right there you are talking about 15% savings. Then they ask you what the lowest is that you would take. Regardless of what you say, they'll say that's too much and talk about advertising, rehab and closing costs. Then they will ask YOU again what the lowest is that you would take. If they feel they have gotten you down far enough (maybe another 10%), they'll still say it's not enough but will take it to their investors to see if they might be able to make something work and call you back in another week or two after you start to get even more nervous. They'll say the investors could only buy another 10% lower than what you said was the lowest you would go. If you agree, then they will come and see the place. That's when the price goes down another 10%. They will drag it out until the price is low enough, then they will close quickly.

You are a lot better off finding a good Realtor and listing your home 10% below market value.
Ruth
at another 10% off.
1 vote Thank Flag Link Sun Oct 28, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
Eunice
I do not know your market.
These ads are from investors who want to purchase properties for 10-20% below market.
They usually can close within 30 days and sometimes have their own financing.

I suggest contacting some Realtors for advice. I do not know your personal situation. However, in all cases, obtain as much advice as possible, then after careful consideration, make your move. I would not let others know that you are desperate. This weakens your bargaining position.
0 votes Thank Flag Link Mon Oct 29, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
They will buy your home but they will buy it wholesale. It will then be renovated and resold or used as a rental. You can expect to receive an offer of between 50 and 75 percent of market value. However it doesn't hurt to make the call. If your home is listed with a Realtor consider dropping the price instead, if not it's time to get some professional advice. Good luck, Michael
0 votes Thank Flag Link Sun Oct 28, 2007
If you are referring to companies buying your home, they will, but usually 10% below market value. Be sure you get all of the details before you jump. Usually, if it sounds to good to be true, it probably is.
0 votes Thank Flag Link Sun Oct 28, 2007
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