WHO’S BUYING MY HOUSE?

WHO’S BUYING MY HOUSE?

Do you ever get those postcards in the mail saying “We Will Buy Your House For Cash?”

I used to work for one of these companies. I didn’t know at first what I was getting into and I never really felt that great about it because they assigned the contract. Not many sellers knew what that meant or could see the fine print in the one page contract. When a contract is assigned it means that anyone can take over the contract.

So how this works is that when you get one of these postcards in the mail either the purchaser is going to flip the house, keep it to rent, or wholesaling it and that’s where they usually assign the contract. So if you get an offer on your home from someone that is assigning it I will tell you how it works.

You get the offer on your home that is much less than market value. For example let’s say your home when I list it is $200k. The investor offers you $125k. They have an ‘exploratory period or inspection period.’ This is where they are secretly usually without telling you they are shopping your home for a higher price to other investors/cash buys for say $150k or more so they can make a profit. If the investor buys it, they sign a separate contract you never see. This is assigning the contract. If they tell you this, I feel more comfortable for  you. If not, watch out.

Recently this happened to a client who eventually listed with me and got a hell of a lot more money for his home in Old Southwest. The investor offered him a decent amount for his home and he was a little nervous and asked me to read over the one page contract and I could see in the fine print. They had a certain amount of time to close & do the exploratory inspection period. Well, anyways, it fell through and I ended up listing it.

Now being a real estate agent, I can always get you more if I put your house on the open market! Ask them for the contract and email it to me: frazierhughescom@gmail.com and I will review it! While post-card buyers may be a good option for you if you can’t fix up your house or need fast cash, listing it with me on the open market, and using me as your realtor, will bring you a lot  more money! It’s a cleaner process and you will know who’s buying your house!

Author – The Frazier Hughes Experience REALTOR® 🏡 Walker Real Estate Solutions

Please feel free to call or text anytime my personal cell 📞 540-314-5583.