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Old 05-22-2007, 10:11 AM
 
4 posts, read 33,624 times
Reputation: 16

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I think everyone has seen ads where investors will "buy your house fast" I was just curious if anyone has done this and is it even a good option to go to?
We are NOT in foreclosure or behind on payments. We just want out of our house and the market is so slow-our home is not distressed, it is very good condition.
If anyone has went with this option could you tell me what percentage they offered off of fair market value of your house? I was just curious.

Thanks!
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Old 05-22-2007, 01:23 PM
 
Location: NY to FL to ATL
612 posts, read 2,639,811 times
Reputation: 229
I have a friend that had to sell to one of those places in Florida because he needed a big downpayment for his house in Atlanta he was closing on. He had a 'ton' of equity in the house and walked away with quite a bit of money but then they fixed up the place and made another $40,000. It worked for him though.

When I was selling my main home in Florida I called one of those places and they came out to look and said they would offer $xxxxxx which I would have netted about $75,000 but I held on and got a contract about two weeks later. They were lowballing but at least I could have walked away with a decent amount if I had to. I figured it didn't hurt to call and find out either way.
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Old 05-22-2007, 02:57 PM
 
Location: Austin 'burbs
3,226 posts, read 13,342,295 times
Reputation: 777
When we had our house on the market, we would get fliers mailed to us from these sorts of companies, committing to a number that they would pay to buy the house immediately... it was always low ball. I was actually offended considering our house was perfect, upgraded, and in an amazing market.
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Old 05-22-2007, 06:14 PM
 
242 posts, read 971,766 times
Reputation: 95
But they were truly offers to buy? The two that I contacted really were all about equity stripping or the like, basically offering to refinance my house for it's full value, paying off my existing loan and then giving me a check for the equity. One offered a deed to purchase or something along those lines but it was still with the whole refinance thing. Which companies do actually buy from you, even if it is a lowball offer? PM me if that's better. I am in Florida too. Thanks.
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Old 05-22-2007, 08:33 PM
 
377 posts, read 1,642,812 times
Reputation: 214
It really depends on the investor, but a couple of years ago (in the areas that I lived), they were trying to buy homes at approx. 65 cents on the dollar. Today, it might even be lower, because it will take them longer to resell the house which means their carrying costs will be higher.
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Old 05-23-2007, 05:08 AM
 
Location: Cary, NC
38,835 posts, read 67,252,100 times
Reputation: 39618
You will find that some are honest businesses, many trying to buy homes at wholesale prices. No shame in making a few dollars after some repairs, particularly if you can't do those repairs, whether financially or due to the hassle of repairs.

Unfortunately, some "We Buy Houses" folks are perpetuating out and out scams, and may make all sorts of offers that never actually lead to a sale. Or worse yet, where they get the deed and you keep the mortgage. Ouch!

This is an area in life where your attorney is your friend!
In any alternative-type sale, have the offer reviewed by a real estate attorney of your choice prior to going under contract.
Have the transaction performed by a title company or real estate attorney.
Make sure the deed is recorded and transferred and that your mortgage is paid off by the attorney or title company from Buyer's funds. Get a copy of recorded documentation that the mortgage is satisfied.

If a Buyer puts pressure on, saying you don't need to mess with all that, it is a good bet that you are talking to someone with something to hide, very possibly a scamming criminal.

Have I mentioned yet that, particularly for one of these deals, you need an attorney?
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Old 05-23-2007, 06:52 AM
 
Location: NY to FL to ATL
612 posts, read 2,639,811 times
Reputation: 229
I agree with the above post. You do have to be savvy to deal with these companies. Learn what your house is worth, how much it will cost to pay it off, etc. One thing I could suggest is to 'google' it and call some people who have real estate licenses, usually they will be above board because it could mean their license if not.

It never hurts to call around and find out what your options are especially if you want to go ASAP.

Good luck!
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Old 05-27-2007, 06:31 PM
 
242 posts, read 971,766 times
Reputation: 95
Can anyone suggest one or two of these companies that they have worked with that are legit and good to work with? Thanks.
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Old 05-28-2007, 05:30 PM
 
Location: Miami. Florida
942 posts, read 2,462,247 times
Reputation: 902
My home has been for sale since September, in January had an offer accepted contract, the buyer bailed out the day before closing. He only lost his thousand dollar deposit. After that several offers but the couldnt get financing. I called one of those "we buy your house" companies. My home appraise at 347k and the offered me tops 260k. I really want to move but not at that big a loss. I was willing to sell for 315k. They wouldnt budge.
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