The Carroll Group's Blog
This morning I got a text message. That in itself isn’t unusual. In fact you may have received the same message, as I’ve had several people from the Merrimack Valley, North Shore and Southern New Hampshire tell me they’ve received one. You may also have gotten a letter in the mail, with the same message.
“Hi Tom, I’m a local home buyer interested in purchasing your home at (my address). Would you be willing to sell?”
Okay, so my phone number is all over the web, but you have to dig a bit more to pull up my home address. This guy obviously is just trolling through public records or he would have known I am a Realtor!
I decided to play along and see how this would turn out. After initially saying he was a home buyer, the texter gave me a first name, said he is with one of the companies that “buy your house for cash” and said he’d also reached out to some others in my neighborhood. I replied to him, asking how he knows anything about my house and how I know that he will offer me a fair market price. Since it’s now been almost 4 and a half hours without a response, I think I may have scared him off by asking pertinent questions he wasn’t expecting to hear!
If it sounds too good to be true…Is this offer to buy your house for cash too good to be true? Here are some reasons why you should avoid these spammers who make “offers” to purchase your home.
These companies tend to prey on the most vulnerable homeowners, the people who need to sell their home quickly and think they don’t have time to move through a traditional home sale process. The companies hope to find some willing participants through their massive text efforts. Who are the most vulnerable?
- People facing imminent foreclosure
- People going through bankruptcy
- People who are upside down on their mortgages and want to move on but can’t because of a lack of equity
- People who are divorcing and need or want to sell quickly
- People who are trying to evict tenants but are facing legal or timing issues in doing so
- People who have left their homes vacant due to a job relocation, a death in the family, or other personal or financial reasons
- People who own trashed or heavily damaged homes - whether the damage was caused by storms, fires, environmental issues, tenants who caused a mess, etc. – leaving an overwhelmed owner facing the cleanup and repairs
- People who are super private and don’t want to have people coming through their home or have their home showing up on MLS and other real estate sites
- People who don’t want to make repairs or updates to their home and think it will be required in order to sell
What’s the deal? These “we buy homes” companies are just waiting in the wings, ready to pounce. They will tell you that you will make more money by selling directly to them, as you won’t have to pay a commission. That you’ll sell quickly and close whenever you want, because they are paying cash. It sounds good. Until you realize that a licensed Realtor knows the market in depth, knows how to market your home to the most people,understands the sale process and who and what you need in order to make the sale go smoothly and legally. A Realtor keeps your personal info private and makes sure you have legal representation to be sure all necessary paperwork is done and filed correctly. These cash-offer companies don’t represent you, they just want to get your house at a bargain price so they can list it at true market value or sell it to an investor – and make a hefty profit in a minimal amount of time.
Here's a quote from one of the websites that pays cash for homes:
“Investors in the XXXXXXXX regularly work with people who are looking to purchase real estate "wholesale". Wholesaling is simply purchasing a home at a discount that needs repairs or has other problems with it. Due to the volume of homeowners we work with…we sell many of these properties immediately to other investors without doing the repairs.”
The bottom line: Caveat Venditor! Seller Beware! For real peace of mind, let a Realtor help you protect yourself and protect your investment. A Realtor knows how to represent you and get you the most money for your property. Don’t leave money on the table, especially if you really need every penny. An experienced agent from an established,reputable, local company will get your home sold quickly, will be sure you are properly represented, and will net you more money than these companies who just want to flip your home.
Feel free to call, text or email me if you are thinking of selling. I’m happy to answer any and all questions.
Andover, MA 01810
9 Hitchcock Farm Rd, Andover, MA 01810
3 Hazelwood Cir, Andover, MA 01810
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