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The we buy ugly houses, have no capital of their own, and many have never taken title to a property, in the county where they are pandering. I did have a private party contact me about my land. They had gotten a steal down the street...I had to break the news to them, that their purchase was in a flood plain..you could have heard a pin drop.
This is a permanent niche in the real estate market now and quite frankly these local cartels need competition and alternatives. This market will only grow. After my current realtor facilitated sales is done I will never advocate a realtor facilated sale again. If someone wants to use a realtor fine just as if they want to hire an overpriced contractor for something that is diy at a fraction of the cost. But there is something to be said for a for sale by owner/fsbo because a lawyer can review and/or assist getting the documents and administrative tasks done at far less.
Ironic these wholesalers need the realtor driven sale to exist because many won't pay top dollar for a recently flipped/renovated house without an agent even if they are being used as a security blanket. Wholesalers are part of the chain in the real estate industry eco system.
All this being said these wholesalers must be hurting for supply in many areas because in the past their solicitations stopped during the first half of the year but I'm still getting calls and mailings as of a week ago.
I recently received a letter from a company seeking to buy one of my properties. Not only did I receive their letter, but they sent along a signed contract awaiting my signature. They emphasized the no-hassle, quick nature of their all-cash offer. How convenient! I didn't waste my time with a counter-offer or even a response. Since their offer was for 25% of the market value, I knew there was no possibility of making a sale.
A lot of folks out there would take that offer, that's why that company operates the way they do. It's like a pawn shop for homes...
I keep getting letters saying they want to buy my house as is for "cash on the spot" Am I most likely wasting my time even to inquire about what their offer is or is this just a trick to get me talking. I am not wanting to waste a minute of my time with them. Other than just ignoring their letters what is the best way to send them on their way with any misleading offers.
I was going to say that my friend did this, then I decided to go to zillow to see when she sold her house last year. She had told me she went with one of these we buy houses for cash. I didn't believe it. I know she wasn't happy with what she got for it. It sold for $235 via auction by a flipper who got $355 for it by repainting to neutral and it looks like new carpet.
This is a permanent niche in the real estate market now and quite frankly these local cartels need competition and alternatives. This market will only grow. After my current realtor facilitated sales is done I will never advocate a realtor facilated sale again. If someone wants to use a realtor fine just as if they want to hire an overpriced contractor for something that is diy at a fraction of the cost. But there is something to be said for a for sale by owner/fsbo because a lawyer can review and/or assist getting the documents and administrative tasks done at far less.
Ironic these wholesalers need the realtor driven sale to exist because many won't pay top dollar for a recently flipped/renovated house without an agent even if they are being used as a security blanket. Wholesalers are part of the chain in the real estate industry eco system.
All this being said these wholesalers must be hurting for supply in many areas because in the past their solicitations stopped during the first half of the year but I'm still getting calls and mailings as of a week ago.
Wholesalers are wannabe agents who don't want to pony up the 1200 bucks to get licensed and who want to skirt the law...
In the car business, these are the dirt lot owners...
For what it's worth, I inadvertently learned of a reason why somebody might use one of these "We Buy Houses" outfits. Years ago, a roofer I had hired earlier, called me up and said his mother wanted to move, and asked if I'd be interested in buying her house because she really didn't want to interview Realtors or wade through offers. The house wasn't in an area that interested me, so I didn't nibble.
A few years later, I asked what happened - the roofer told me she called a "We Buy Houses" phone number and wholesaled it.
My neighbor's husband died after a long and lingering illness. She wanted to sell quickly and live with family in another state. I offered to but her house. But I wanted an inspection and to have the township tell me what I'd need for a certificate of occupancy.
She was too depressed to deal with even that. She sold to one of the we buy people for only 20,000 less than what I wanted to offer and they didn't inspect or anything. Cash, and she was on her way. She didn't even have to clean the house or empty her stuff. It was perfect for her.
A developer fixed up the house and it is gorgeous now.
Wholesalers are wannabe agents who don't want to pony up the 1200 bucks to get licensed and who want to skirt the law...
In the car business, these are the dirt lot owners...
I think they are more like the "We buy any car!" type outfits. I once put my mom's car into their algorithm after she moved into an ALF. They offered me $250. We sold it within a week of listing for $2300. It was a 27 year old Subaru with 33,000 miles, lol. Literally the little old lady who only drove it to church, but in her case it was Rite Aid and Acme, both less than a mile.
But as others said about not wanting to deal with realtors, I didn't want to have strangers coming to my apartment to look at the car (single then), so that's why I tried it. Luckily a male friend offered to sell it for me in the end.
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I didn't waste my time with a counter-offer or even a response. Since their offer was for 25% of the market value, I knew there was no possibility of making a sale.
