Recently received a letter from an investment real estate company willing to buy my house. The deal they…?
February 16th, 2010 | 
Author: …are offering sounds too good to be true. Has anyone had any experience with one of these companies and is it really as easy as it sounds? What are the disadvantages, if any? They offer to buy the house and put the deed under the name of their company and we would be on the note still until they find an actual buyer. In the meantime they will make the payments and keep up with maintenance.
In addition, my house has been on the market for about 6 weeks. The neighborhood has become one “on the wrong side of the tracks”. I live in Texas. The company is legit, I just feel like there may be some fine print they aren’t disclosing and I don’t want it to mess up our credit.
Posted in Investment Real Estate
I would check your area to see if there will be any changes that can raise your property value. What state are you located?
Run…….. if you want to sell your house then put it on the market. or put it on the market and tell this company to invest in this….. **raises middle finger**. look remember what your grandma told you….it its too good to be true then it is….. there are scam artists around every corner waiting to bilk you out of your hard earned money. the objective of an investor is to buy low and sell high. so if there is something going on in your area like a new factory coming in or maybe someone struck oil ….those sorts of things will spur an investor to solicit property by mail but by in large anyone offering to buy your house sight unseen makes me nervous. and the fact that you are going to remain on the note sounds like insanity. so in short, you are going to sign over your home and keep your name on the loan…. this cant be a good idea. run run run…..
If your goal is to sell the house quickly and easily then investment companies are great. Just be sure it is a reputable firm! The major disadvantage is that the goal of professional home buyers is to pay you as little as possible.
If you’re fine with selling for less than market value and if you don’t need or want the extra money, then sell to the investment company. But going through a broker will often find you a buyer willing to pay much more money for your home. The larger sales price usually results in more money in your pocket, even after taking out the agent’s commission!
So it depends what you want out of the transaction–less time or more money! If you do decide not sell through a broker, then you might want to at least have a real estate attorney review all proposed paperwork before you sign anything.
My concern with this is that your name remains on the note. Because the note is what holds a person (or company) accountable for the repayment of the mortgage, if they do not make the payments, you have no house (because they hold the deed), but you owe for the mortgage on it. This seems as though it could be huge mess if they do not follow through on their promise to make payments and maintain your home. Please give their offer long consideration and careful review before signing.
stay away from them ,it`s a scam..