• Gerry

The Importance of Reading the Small Print

Good morning y’all. Here in Johnston Co, NC we are going through a growth spurt - very much like what St.Charles County, Mo went through some years ago. Real estate prices are jumping up like crazy. For those of you who have had their interest peaked by those ads that are all over the place telling you they want to buy your house right now – you don’t have to do a thing, you don’t have to have open houses, you don’t have to leave the house with the pets, and the even better ploy - they will even move you for free. I was interested in how this works, so I stuck my toe into the water. Here is what I found out, and I hope it helps you make this hard decision without getting burned… 1. I tried two different companies which gave me two different offers for my home 2. The first offer was $202. I thought that was pretty low, and almost insulting. So, we passed on the offer 3. The second offer was $253. That was a whole lot better, so we looked deeper into this offer 4. We were promptly emailed a 14 page contract. The gist of it was that we should give them $1000. They would rush out and inspect the house, and let us know what they think would need repair/renovation. Somewhere around page 8 -10, it stated if we didn’t agree with the suggested repairs or renovations and want to back out of the contract, we will forfeit our $1000. 5. What ever you do, READ the Contract. Don’t skim it. If you do not understand what you are reading, go to a lawyer and have them interpret it. Then check the BBB. I know the BBB is just about useless at times, but if you read between the lines, it can be invaluable. 6. So, we start with a $253 offer. Then this company starts to chip away at that $253. The whole house needs painting in and out. They know a guy that can do it for $20,000. The bathrooms need a bit of update. They know a guy who can do it for…you see where this is going. By the time they are finished the offer is far below the initial offering of $253. 7. So be careful. Unless you are really desperate to sell your house, avoid these folks like the plague. If you have elderly parents who feel the need to cash in on their real estate and just don’t want to be bothered with the annoyance of open houses, try to find another way beside these IBuyers. 8. There may be legitimate companies out there (I think the first offer was probably on target), but within this there are scammers who have gotten rich preying on the trusting souls who just thought everyone was honest, or just didn’t have time to read. No, we didn’t sign on the bottom line, but I could see how some folks could be duped into signing on for something like this. I hope this helps those that were just as curious as I was about this new way of selling homes.

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