Letters wanting to buy my house (RE agent, foreclosure, negotiation, agent)
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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 get those letters. I save them. When I put my house up for sale I will invite them all to the house one time on a Saturday between Noon and 1 PM, not care whether they show up or not, and if they do, give them my price and tell them if they don't like it they can **** off. I will enjoy wasting their time while I sit reading a book and waiting for real buyers to call.
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.
Yes you are wasting your time, those things are from low ball offer places,. when you want to sell your home contact a RE agent or you can try to sell it on your own. You can even contact these idiots after what an RE agent suggests you sell for to laugh at their offer.
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.
Since this is on the foreclosure forum, I will throw this out there in case you or someone reading is facing foreclosure in the next 30 days or so.
Those investors that send you those letters will make offers that are lower than retail market value, however, if your home would have issues come up on an inspection and not show well, or you are in a slower market, you might consider them rather than take a foreclosure on your credit. They typically close in about 7 days, as is for cash.
Evidently the fast cash offers are for people who are desperate to get out from under the bills associated with the house.They cant afford to fix up the place and flip it themselves for the big profits and the vulchers come in and pick them clean..I will offer mine up for offers but it will be from only qualified cash buyers,The fast flip guys that wantabee like the tv show flippers best not waste my time. .
Evidently the fast cash offers are for people who are desperate to get out from under the bills associated with the house.They cant afford to fix up the place and flip it themselves for the big profits and the vulchers come in and pick them clean..I will offer mine up for offers but it will be from only qualified cash buyers,The fast flip guys that wantabee like the tv show flippers best not waste my time. .
Problem is certain price points will attract the flippers. I've responded to those letters/offers. I will say they are very upfront about what they do. And as noted many can't afford to renovate or repair for a traditional realtor/mortgage driven sale.
Some of those cash guys will pay a little more if your house only needs cosmetic type work and can start renting it with in a month. Those flippers need money which means they need steady income ie rental property.
Even though some are vultures many of those who think they are sitting on gold are just as greedy. Many think they'll never be in a situation where they could actually use and benefit from cash as-is buyers. I'm sure many of those same people thought they would be driving a Rolls or have a private jet by now as well. They serve a purpose and are legal. Also just like the seller has to find a preferred buyer so does the flipper. It's not like tv. There is the market as well. Neither flipper or seller is entitled to a certain price it's what the market will bare.
I don't think they all are as predatory and many assume. They are taking risk and fronting their money so they have the purchase and renovation costs without even making a dime. It goes back to the old saying you have to have money to make money. If someone needs fast cash, inherited an old home or simply wants to avoid a traditional realtor/mortgage driven sale the cash as-is buyer is a realistic option.
A quick, all cash sale is always going to be for less money than a sale that involves a mortgage. A mortgage company is going to require certain things -- the house needs to pass inspection, be totally up to code in all areas, everything needs to work. The mortgage company needs to know that the house is indeed worth what they are lending, so if the buyer stops paying, they can recoup their money. These requirements are therefore not be waived by the buyer. And they take time -- the house needs to be inspected, the inspector needs to write a report, the mortgage company needs to check everything to make sure the loan is good. It will take at least 30 days for all of this to be done. And a buyer also can always himself say that something needs to be replaced -- a window, or a furnace that is in the last years of its life, even though it currently works, etc. So there is more uncertainty in the process, so the buyer is paying more.
People accept less to not have to deal with any of this uncertainty or hassle. They just get the money and are done with it. They don't need to make any repairs themselves, or do any additional negotiation, etc. An all cash offer with a 7 day close is perfect for someone who is done with the house, and just wants the money now.
I live in an area with high demand for housing. There are many people who have lived in their house for perhaps 100 years -- the house may have been their parents' or grandparents' home, and they might have been born in the house and lived there as a child, maybe moved out for a while then moved back in, etc. And in some cases, the house has had no significant upkeep, maintenance or upgrading done to it in 40 or 50 years or more. The house goes on the market when the person who owned it ends up going into a nursing home or dies. In the meantime, the land has significant value, and a developer is just going to demolish the house and build a big new house on the land that he'll sell for 2 or 3 or 4X what he paid for it.
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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.
