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I have been receiving form letters from flippers for over a year now wanting to buy a prime piece of California beach-front property that I held for under a month last summer. It received over 25 offers immediately after it hit the market; 3 or 4 were from flippers who offered about 50% of what I sold it for. REALLY low ball offers. It has been in the name of the buyer I sold it to for over a year now but I STILL am receiving letters from flippers. (I was not a flipper; it was a family-held property that was transferred into my name and then I put it on the market; it sold for almost 50% over asking price)
But here's the topper; this past Monday my mailman had an overnight Expressmail envelope for me that the Post Office wanted $21.01 postage due on. It had no Express Mail label; no tracking number; no return address; no postmark; no nothing; just my name & address printed in brown ink on it and 2 regular stamps. I called the local Post Office today (had been out of town this week until today); the supervisor I wanted was not in but the person who answered the phone said he was very familiar with the envelope and had just seen it earlier today. Since they would be unable to return it, I asked him if he'd rip it open and see what was inside; I'd pay them the $21.01 if it was something I wanted inside; so really no risk; they weren't going to get $21.01 from anyone but me...; he put me on hold & came back & ripped it open; said there was a letter inside from a guy wanting to buy a piece of property from me....did I want his number? Uh......no. I don't think anyone that stupid could come up with the cash if I did still own it & wanted to sell it dirt cheap....
If it sold for 50% over asking price and they offered 50% less than you sold it for then weren't they offering asking price?
I had a wonderful lady trying to list my property for a flipper price, then of course I pay her commission on top of that. LOL. I had already had cash offers above that just off the street. Assumption that I was an idiot, and this was set up by an unsavory lawyer who knew I was no fool and had renovated property before. They just couldn't help themselves though. So, I see this as a team of ripoff artists who scam their clients, not sure if I should report it to the bar and real estate commission but their reputation is certainly going to be affected.
If it sold for 50% over asking price and they offered 50% less than you sold it for then weren't they offering asking price?
I had a wonderful lady trying to list my property for a flipper price, then of course I pay her commission on top of that. LOL. I had already had cash offers above that just off the street. Assumption that I was an idiot, and this was set up by an unsavory lawyer who knew I was no fool and had renovated property before. They just couldn't help themselves though. So, I see this as a team of ripoff artists who scam their clients, not sure if I should report it to the bar and real estate commission but their reputation is certainly going to be affected.
That's not how math works. Say it was listed for 100K. That means OP sold for 150K (50% more than 100K asking price), but the offer was 50K (50% of 100K).
That's not how math works. Say it was listed for 100K. That means OP sold for 150K (50% more than 100K asking price), but the offer was 50K (50% of 100K).
Well OP said 50% less tan what it sold for not listed for, but yea my math was off anyway -long week.
I get it though, flippers and wholesalers have been bugging us for years because of older property- I just don't like when licensed professionals try it, it seems unethical.
Well OP said 50% less tan what it sold for not listed for, but yea my math was off anyway -long week.
I get it though, flippers and wholesalers have been bugging us for years because of older property- I just don't like when licensed professionals try it, it seems unethical.
I guess that would have made it 75K. Which isn't as bad in comparison to the listing price although a problem in terms of the selling price.
There is a recent thread somewhere about selling to a flipper and I may be remembering incorrectly, but I think someone had a flipper offer that was something like 10% of the ultimate selling price.
I get the idea that you never know who an offer will be received but I think at some point you still need to maintain at least a grip on reality!
If it sold for 50% over asking price and they offered 50% less than you sold it for then weren't they offering asking price?
I had a wonderful lady trying to list my property for a flipper price, then of course I pay her commission on top of that. LOL. I had already had cash offers above that just off the street. Assumption that I was an idiot, and this was set up by an unsavory lawyer who knew I was no fool and had renovated property before. They just couldn't help themselves though. So, I see this as a team of ripoff artists who scam their clients, not sure if I should report it to the bar and real estate commission but their reputation is certainly going to be affected.
They offered 50% less than the asking price....and it sold for 50% over....so the flipper offers were HALF of what I sold it for....This was not some piece of crap property that no one but a flipper would buy (obviously, since I had over 25 offers on it in a matter of days after it went on the market). And it was a significant difference between flipper offers & what it sold for (7 figure sales price)
I have been receiving form letters from flippers for over a year now wanting to buy a prime piece of California beach-front property that I held for under a month last summer. It received over 25 offers immediately after it hit the market; 3 or 4 were from flippers who offered about 50% of what I sold it for. REALLY low ball offers. It has been in the name of the buyer I sold it to for over a year now but I STILL am receiving letters from flippers. (I was not a flipper; it was a family-held property that was transferred into my name and then I put it on the market; it sold for almost 50% over asking price)
But here's the topper; this past Monday my mailman had an overnight Expressmail envelope for me that the Post Office wanted $21.01 postage due on. It had no Express Mail label; no tracking number; no return address; no postmark; no nothing; just my name & address printed in brown ink on it and 2 regular stamps. I called the local Post Office today (had been out of town this week until today); the supervisor I wanted was not in but the person who answered the phone said he was very familiar with the envelope and had just seen it earlier today. Since they would be unable to return it, I asked him if he'd rip it open and see what was inside; I'd pay them the $21.01 if it was something I wanted inside; so really no risk; they weren't going to get $21.01 from anyone but me...; he put me on hold & came back & ripped it open; said there was a letter inside from a guy wanting to buy a piece of property from me....did I want his number? Uh......no. I don't think anyone that stupid could come up with the cash if I did still own it & wanted to sell it dirt cheap....
The risk was immediate termination for the employee who opened the mail based on a caller who could not produce valid id or the funds at time of rendering the package. Doesn't Matter what was in the package.. He violated a federal regulation. I'd suggest next time you are curious about its contents you pay upfront in person and not side line the system set up. I know of zero major package services that allow a package to go thru the system without proper funding secured.
As to the topic of flippers...they need to update their data base if they are dredging up old inventory ...
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