Jun
13
Tell me about those “We buy your house quick” companies?
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I want to sell my house ASAP, but I realize what the market is like. It’s a spacious house and is very nice. I have no doubt it would sell extremely quickly in a good market, but not now. I keep seeing signs for those companies that will buy your house for cash immediately and blah blah blah. What’s up with that? Are they scams? My house is realistically worth about $325K in this bad market. Would they only pay me $240K? Is that the scam?
Passive Income
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7 Comments
June 15th, 2010 at 7:21 am
More like 150 to 180k. You will not be able to sell to them if you own more then that unless your bank agrees.
Also, watch out for scams where you sign the deed over, but your mortgage is not closed out. You then do not own the home, but the mortgage is still alive and in your name.
June 17th, 2010 at 2:20 pm
If you need to sell fast, then this may be the way to go if you don’t care about getting any money back. These types of companies only pay the amount of your owed mortgage.. and then no money to you. I don’t advise this option if you have a lot of equity in your home. A sell quick company also won’t take your home anyways if you don’t have equity. Try to sell it or rent it out if you can.. plus, beware of scammers. A lot of companies like this are scammers. Check them out and do your homework first. Good Luck.
June 19th, 2010 at 9:21 am
no this is not a scam, they make thier money by paying under the market rate then make money on top of that by renting it back to you instantly so the capital you have just made is taken backby them slowly meaning in essance its loose loose for you. not a scam, but only for the very desperate
June 22nd, 2010 at 5:57 am
Buy low, sell high. It’s not a scam, it’s just sound business philosophy. They will not give you the full value of your house, because that’s what they need to sell it for to make their profit.
It is kind of ruthless though. They are taking advantage of your impatience, ignorance, and/or desperation. Your circumstances are such that you have no leverage in negotiating a price and they know it.
June 25th, 2010 at 5:49 am
They will give you way less than your home is worth. Those companies are in the business of maximizing their profit so they have no incentive to give anywhere close to what your home would sell for.
If you don’t work in real estate (and by your question, I’m guessing you don’t), where are you getting your info about market conditions? From the evening news or similar source? The news loves drama, and they have been blowing the current situation out of proportion. It really isn’t that bad, and great agents are still moving properties. If your goal is to sell fast, get a listing agent and allow them to price it appropriately. Interview several agents and see what they have to say about your market, and what they feel is an appropriate price.
June 27th, 2010 at 1:09 pm
a quick call to your state attorney general office & BBB and check them out rent it out if you can
June 29th, 2010 at 6:15 am
Some of them are scams, some are legit. None of them are particularly good deals for the seller. In the end, they likely will not be giving you any more than you could get on your own. They prey mostly on people who HAVE to sell quick because they are looking at foreclosure.