anyone have experience with the "We buy houses" people?

[dakcp2001]

I am trying to sell a house out of state and it is a huge hassle, but I know it is going to take time and I am willing to wait it out. I keep getting contacted by the "we buy houses" people, but in order for them to see the house I would have to have a family member drive 2 hours to meet with them, or I would have to fly there. I have been avoiding doing this because I imagine in order for them to make money, they must give a really low ball offer.

Anyone know any of these companies or had an offer from one? I just do not think it is worth flying there to meet up with them or inconviencing a family member knowing their offer is going to be a no go. And obviously they cannot meet with my realtor.

 

[DawnM]

I wouldn't bother. They will indeed be offering you a very low ball offer.....far below market value.

I did a quick google search and people report that the company can offer up to 50% less than what you are asking.

They don't specialize in normal type houses, they really specialize in distressed houses.

You would be better off lowering your asking price by 20% than going with these guys.

Dawn

 

[dakcp2001]

Thank you so much for your input. I suspected as much, but they are so persistant. When will I learn to trust my gut?

 

[CoolDisneyCat]

I talked to several of these people a few years back. The general feeling I got from them all was "slick". They were pushy and not willing to give me much of anything on my house.

I would contact a real estate office in your town that does business nation wide so they can handle it for you.

 

[Ericandjenng]

My brother had a house he wanted to sale and was even willing to offer it far below market value just to unload it. He talked to someone similar to these "we buy houses" people and they still wanted him to go even lower. He kept the house and is currently renting it out.

 

[brekin67]

They made us a ridiculously low offer and did not even come to see our home. I would not use them.

 

[platamama]

They are the professional (or wannabee) house flippers - generally the offer will be about 65% of the ARV (after repair value) of the fixed up house so they can flip and make a good profit. They are looking for motivated sellers, people who NEED to sell the house.

 

[mtblujeans]

You should tell them you are only interested in talking to a serious market-appropriate buyer and ask them not to contact you any more.

 

[quagmire0]

It's a scam. The only way for them to actually make a profit is to rob you blind on the sale.

 

[JamesMom]

I had a pleasant experience with such 'flippers' on my mom's house. I was left her 26 year old house in her will when she passed. I got inindated with investor solicitations (got my info from court records) so I meet with three of them at my mom's house on the same day. The house needed work - upstairs bath, roof and paint, original applicances and butcher block kitchen counters. According to zillow.com, there were 8 houses for sale within a three block radius and 3 foreclosures. Not a great neighborhood for resale values.. On a good day, the house is worth around $95,000.One buyer low balled me with $50K, another came in at 60K and the last didn't submit an offer. I then had a realator run her numbers. Said within 6 months I "might" clear $70k - that is BEFORE repairs. So I sold it for $60k to the investor guy. Now nine months later - it is still on the market for $87. Considering carrying costs of taxes/electric/water/insurance/lawn care, not to mention worry (we had a week long freeze last month - bet some pipes busted), I think I made a great deal! The investor might be lucky to break even after carrying costs & repairs. BTW - my mom paid $82,000 for it 26 years ago - yikes!
Depends on your situation. Mine is what the 'we buy houses' markets to.

 

[mtblujeans]

...Depends on your situation. Mine is what the 'we buy houses' markets to.

I'm glad it worked out for you.