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Getting Unsolicited Offers to Buy Your Home? How to Know if It’s an Opportunity or a Scam – NextAdvisor

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We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

“I want to supply you with easy funds.” “If a cash offer on your property … would interest you, please read on.”

Most homeowners are familiar with these solicitations, which come in the form of a text or letter from people or companies that want to buy your house, even if it’s not up for sale. 

Stacey Wood, a psychologist and professor at Scripps College in California, sees them a lot when she investigates cases of elder abuse and exploitation. “I’ve been meeting with clients and I can see stacks of letters. There will be phone calls interrupting our meetings, of investors who are trying to get them to sell their house.”

For many homeowners, these calls are a nuisance, a constant barrage of requests to buy a home that they have no desire to sell. But if you’re actually interested in selling, are they an opportunity? That might be the case, but if you decide to sell, you should take steps to protect yourself, experts say. And you might get a better deal by going the old-fashioned route and putting the house on the market.

“If you are looking to sell your house and you think the selling of it can yield profit for you, it’s much better to be simply be affirmative in engaging with a reputable sales person, a real estate agent, and market your home through those channels,” says Bryan Adamson, associate dean and professor of law at Case Western Reserve University. 

Why Am I Getting These Phone Calls and Letters About My House?

A lot of these unexpected solicitations come from real estate investors looking for properties to fix and flip or buy to hold and rent out, says Amit Darji, a New Jersey real estate investor. Those investors are often coming with a specific proposal identified for that property: For example, the investor thinks the homeowner might be interested in selling because the property would need significant work to be ready to list on the market. 

“The real estate investors are in the business to make a profit, all while finding solutions for homeowners who are struggling or dealing with financial crisis,” Darji says.

With a cash offer and no bidding wars, the sale can get to closing quickly, with the investor often paying the closing costs. At its best, a …….

Source: https://time.com/nextadvisor/mortgages/unsolicited-offer-to-buy-a-home-scam-or-opportunity/

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