Yes, I know they’re scummy as fuck. Yes I know they’re gonna turn it into yet another overpriced rental. But I’m mostly asking if they’re otherwise legit.
I get those offers all the time and typically shitcan them immediately. The most recent offer I got is for twice what I paid for the place, and honestly, it’s enough to be my ticket out of this backwards-ass shithole state. Otherwise, barring a surprise lottery windfall, I’m stuck here for the foreseeable future.
Assuming all is above board, the main concern I have is if it’s worth that much to them, wouldn’t it be worth that much to me? FWIW, I like my house and my neighborhood, but it sadly exists within a shithole of a redneck state where I’ve been disenfranchised all my life, and I want the fuck out of here.
Edit: Thanks everyone. I knew they were scammy/scummy but several of the replies cleared up how they operate, and it’s scammier than even I was thinking. Back to buying my weekly lottery ticket and hoping for the best. 🤞
I haven’t, but if you’re looking for the name, they’re called “wholesalers”. Typically they get houses that won’t sell on the market normally because they require too many fixes and aren’t safe to live in. They’re then sold to flippers.
Note, you don’t actually sell to wholesalers, you sign a contract with them to sell to the holder of the contract for the agreed upon price. Then the wholesaler sells the contract to the flipper for a flat fee.
2nd note, a lot of people think they’ll get cash once the contract is signed, that’s not the case as the wholesaler has to sell the contract. This can be adventageous if the owner is facing foreclosure. Typically you can get more money from a wholesaler/flipper, than if your house goes into foreclosure. Because the wholesaler usually has a list of flippers on the books and a sale is often just a call away.
That makes sense, and is most likely what the offer is. House isn’t a slum, and I’m not facing foreclosure, so I guess they think they can make a profit on it.
I wasn’t seriously considering it, but I was at least looking into it because, yeah, I want out of here.
Yea, most likely. Typically your options for getting out in order from best to worst are:
selling yourself
selling normally with a realtor
selling “as-is”/short sale normally with a realtor
burning the house down
these wholesale guys
foreclosure
though if the house is in decent shape the foreclosure can be better given the current state of the market.