Those "We Buy Houses" guys
So, my friend is trying to sell his already paid for house, that's a fixer upper. Hes had it 28 yrs.
He's having one of those, "We buy ugly/old houses" ::) companies over, I keep telling him to watch out, they're going to try to cheat him. He does need some $, of course.
Already he had a guy he knows offer 70k, no way too low!(which he turned down).
Its not in a bad 'hood, but not great either, there's a nearby mall that got vandalized twice, plus had recent shootings at.
He was saying there's deducted out of it for inspection, village stuff etc.
I already told him for years to get a professional inspection, go on RE sites etc.
I also mentioned for him to try to get a bank loan, not for the full amount, but just to get some $ in the meantime. He doesn't seem to go for that..
Any opinions here?
Thanks in advance!
Re: Those "We Buy Houses" guys
These are usually scam artists.
I mean they already have him a super low bid so I would just leave them alone if I were him.
I'd recommend calling an agent. It's a cost to use one obviously but typically you'd get more out of the home with the good marketing so the costs can often balance out.
He can try selling it himself actively first ( place on all platforms like craigslist and local for sale facebook groups ) but consulting with a real estate agent doesn't cost anything. He can even meet with a couple of them. They should offer him a comparable market report ( this is print outs of similar homes, what they sold for , how long on market for ).
If he doesn't *really* want to sell he can get a personal loan with the property as collateral.
Re: Those "We Buy Houses" guys
Has he thought of alternative ways to raise cash also like getting a room mate OR renting out his home and just renting a room giving him so surplus to live off ?
Re: Those "We Buy Houses" guys
Ok, the bid he got, was from a different guy, handyman he knows..
He's autistic, coming from a place (probably) of desperation.
I've tried telling him to call an agent, (at least look on sites). Im going to email him again, about what you said, fair market, etc...All of which I've previously mentioned, not quite in detail as that, but great to know.
HE.DOES.NOT.LISTEN, though!
Frustrating AF
& to at least look into getting a loan. He has steller credit, he has a card w/12k limit, (no cash advance tho)
He can't get roommates, that would be a disaster for him.
Thanks so much!
Re: Those "We Buy Houses" guys
If he isn't offended you could set the appt time with an agent for him .
Then at least he would have the paperwork of someone saying " hey I think I can you xyz amount " v.s. these slimy low ballers.
The agent will give him that report. There isn't a cost to do it. They make their money when / if the client goes forward and IF they close the deal only.
Re: Those "We Buy Houses" guys
I just found & sent him info if a broker I casually know, again, Idk if he'll listen
Thanks again carmen b!
Re: Those "We Buy Houses" guys
Oh yikes. I always cringe when I see those signs. I hope he doesn't get taken advantage of.
Re: Those "We Buy Houses" guys
What will he do for a house if he sells the one he has?
Re: Those "We Buy Houses" guys
Quote:
Originally Posted by
GoldSolutions
Oh yikes. I always cringe when I see those signs. I hope he doesn't get taken advantage of.
I know! I've been hammering on this!
Quote:
Originally Posted by
slowpoke
What will he do for a house if he sells the one he has?
Lol.
He says he's going to rent, HA!
He has NO IDEA!
He had been considering go to a more tax friendly, retirement state. Now w/the virus, election, everything's up in the air, plus now he needs the $.
He had it in his head, "my house needs work, Im only going to get what I paid for it, if that"??!!
No!
Anyway, I sent him the info, hopefully he go w/the loan options, to buy some time, get $, & stay in place.
Thanks.
Re: Those "We Buy Houses" guys
Quote:
Originally Posted by
carmen_b
If he isn't offended you could set the appt time with an agent for him .
Then at least he would have the paperwork of someone saying " hey I think I can you xyz amount " v.s. these slimy low ballers.
The agent will give him that report. There isn't a cost to do it. They make their money when / if the client goes forward and IF they close the deal only.
Well, I thought of doing that, he might resent it tho.
I told him to look at that, we'll see.
Also, I told him about what you said: craigslist, getting a loan (he seems dead set against that one::)) & talking to the broker I recommend.