Everyone knows financial distress has become mainstream news these days, and like weeds after a wet spring, signs reading “We Buy Homes!” begin to bloom like dandelions on street poles.I would like to points out that posting ads on public utility poles is illegal, so where will it lead those who seek this sort of “help” with a possible distress situation?
Well for those choosing to explore what exactly happens when you call, I’ll save you the anxiety, and tell you what you’ll hear. Usually, like any good scam starts, you will hear a robot recorded message giving you a host of options like: press one if your behind in your mortgage or in pre-foreclosure; press 2 if your home is in disrepair or you leave overturned garbage pails on the lawn; press 3 if you like to leave your wallet on the mailbox next to the sign you saw while taking down this number…etc. I guess I’m laying it on a bit thick, but I’m sure you get the point.
A point of note: Do ‘We Buy Homes’ cash companies actually buy homes?
The answer is maybe, but likely much below market value, and in some cases only 50% of market value. If you’re in a pre-foreclosure situation and need to short sell a home, banks do a separate appraisal in approving the sale. Most banks will not approve a short sale significantly below market value. As a matter of fact, they might not even approve a short sale below the appraised value. If the bank disapproves the short sale, they may request the buyer come up with more money. If you’re locked into a contract and the bank disapproves the short sale, it may ultimately lead the buyer to walk. You may lose precious time in completing a sale prior to auction. I understand the short sale process will be able to quickly navigate the sale of a home when necessary.
When you need to sell your home I encourage you to use a professional Realtor. Give me a call today to show you a strategy to help you sell your home faster and for the value you will be satisfied. Looking forward to doing business with you.
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