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Old 02-06-2018, 01:20 PM
 
Location: DFW/Texas
728 posts, read 598,954 times
Reputation: 2327

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Our neighbor just sold his house to that company and we're of the opinion that he got ROBBED. Given the area comps, that house should have sold for an easy 50K+ more than what our neighbor received. He told us that the house needed "a lot of work" but we saw the inside and while it was outdated in some spots (some things have been updated) it was in no way a huge fixer upper. As a matter of fact, it's one of the best looking houses on the block with several features that make it stand out. Our neighbor was going through a divorce and has some health issues that are obvious so we feel that this company saw an advantage they could take and did.

The house closed on a Saturday and was for sale again by Tuesday- the company told our neighbor that they were going to fix it up and resell it. Not sure what they actually did because we never saw any work crews of any kind there. The for sale sign was gone within a week and we've only seen 2 people come and go from it so we don't know what is going on with it.
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Old 02-06-2018, 02:03 PM
 
Location: Erie, PA
2,122 posts, read 825,665 times
Reputation: 4538
My SIL looked into We Buy Ugly Houses.

She had originally bought the house for $85K, owed around $21K on it and most recently it appraised for $140K.

We Buy Ugly Houses offered her $65K for the house.

She ended up going with a realtor and listed it for $95K which was a bargain in her area. The house sold within a week

It needed quite a lot of work but there are always people who are looking for "fixer-uppers" or houses that "need TLC".

I know a guy who has a few rental homes he got for a steal because he bought them as fixer-uppers and did the work himself.

It's something I am eventually going to do myself.
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Old 02-10-2018, 07:11 PM
 
Location: Los Angeles (Native)
23,268 posts, read 13,056,675 times
Reputation: 10808
I was getting a lot of letters from them. Decided to call as I actually was looking to sell my home.

They made a very low offer.

I luckily found a realtor that was willing to put up the money to fix up my home a bit and get paid back at 0 percent at escrow.

Ended up selling the home for considerable more than I would of gotten from We Buy Ugly Homes/ Home Vestors.

I didn't like the guy that came to see my home. Also it seemed shady as the guy I initially spoke to was someone else..and they also had some side business where they were a contractor that would fix up homes to get them ready to sell..

So if you didn't sell your 'ugly' home to them that was the Plan B.

I've invested in property before and get they need to make a profit...but just didn't like the way they went about things.

I know that it's a franchise to buy into that brand though so they are likely to be run differently depending on the area.
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Old 02-11-2018, 05:15 AM
 
1,357 posts, read 759,023 times
Reputation: 1002
Agreed, it is anything but straightforward, unless you are taking peanuts, contrary to their marketing.
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Old 02-11-2018, 11:43 AM
 
9,070 posts, read 10,824,384 times
Reputation: 12169
Quote:
Originally Posted by Winter Sucks View Post
Thank you. After disclosing the problems of the house to a realtor, they may require me to have possible "violations" fixed...plus I'd owe them a percentage of the selling price. That's why I thought it would be quicker and easier to sell to "Ugly Houses" because they know it's "as is".
Lets just say you have a $100,000 house. Realtor sells it for 90K, commission is 5% so you get 90,500.

Ugly houses wants to make money, I suspect their offer will be in the 60-70K range.

Feel better?
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Old 02-11-2018, 12:49 PM
 
452 posts, read 190,431 times
Reputation: 1208
I'd be lucky to get $50,000 if a realtor sold it and there are parts of the house that never get clean enough for showings.
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Old 02-11-2018, 03:05 PM
 
1,357 posts, read 759,023 times
Reputation: 1002
There are plenty of homes on MLS marked DO NOT ENTER, as well as those being sold after a fire. Of course no one is better at the disclaimers than the GSEs.
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Old 02-11-2018, 07:15 PM
 
Location: Floribama
13,155 posts, read 28,883,377 times
Reputation: 11345
I bought a property through HomeVestors a couple of years ago. This was a brick house on an acre lot that had fire and water damage, and I know the fire chief so I knew exactly what was wrong with it. They had it advertised for $14.5k and I offered them $11k, and they took it. I basically bought it for the value of the land and got the house for free.

HomeVestors does not “buy” your house, what they do is keep stalling and putting off the closing, the whole time trying to find another buyer. You won’t get your money until they know they’re getting theirs. When I closed on mine it went from the previous owner, to HomeVestors, to me... all on the same day. It’s almost like they tried to keep it a secret that they already had the house resold.

In my opinion, the previous owner of my house got ripped off, because after HV took their cut I’m sure they didn’t hardly get anything. They could have put a ‘for sale by owner’ sign in the yard and came out better.
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