Just got an unsolicited offer on my house and it's not even on the market.

Anybody have any experience with this? Smells of a scam.

edit: It was a letter in today's mail.

It's a teaser from a realtor who is looking for people who are thinking about selling.

:)

I'm inclined to believe the above poster, realtors fishing, but aren't there already a shitload of house for sale right now?

...several schools and parents want their kids close.

Maybe someone really liked the neighborhood or the local school, but got outbid on a neighboring property. Or maybe you have an oil deposit or gold vein under your house?

It's a scam.

I'll sell them my house in return for a cashier's check for $1,000,000.

Often buyers have predetermined that they want to live in a particular neighborhood and there are no suitable houses on the market. Maybe they want to live close to their parents, children, etc.

If you found out that you had in interest in selling, you can still negotiate if you think they didn't offer enough. You can hire a real estate agent for a reduced commission to represent you and see the process through to close, make sure the contract represents you fairly, etc. You should have some representation to protect yourself, whether it be an agent or your attorney.

the "we buy ugly houses" people love my neighborhood because we are perfect for Section 8 rentals and quick flips. They tend of offer 30% below market.

When they come through they badmouth your house - this this this has to be fixed/replaced - lowball you with the idea why spend all that money you don't have to fix your house to sell - just move and we do the work. There are no real estate agent fees. For some people it's a good deal and works as long as you have a real estate attorney who can make sure everything is done as it should be so clear title passes from you to them and you get the money you are supposed to get.

You can verify their reps are legal through your state bar and whoever licenses real estate agents. You have to move carefully - some of these are scams and some are legitimate investor groups looking for a great bargain.

I would say if it's one of those from a "we buy your house for cash" people I would be careful. As it is, a house 2 doors down just sold. We got a letter from the same buyers. They were looking to buy a house in our neighborhood. The people 2 doors down said yes. They got the price they wanted and everybody was happy.

They started when the issues of imminent domain were being tried so I never appreciated them. The timing might have been a coincidence, but honestly, I don't believe in coincidences. I always threw out these notices. Would never dream of responding.

They live in a pretty chic neighborhood - there is a row of frank l wright inspired bungalows - then the rest of the neighborhood is small mcmansions.

A couple decided to buy on of the big mcmansions in the back of the neighborhood. They offered my parents 420,000 for their house (which is the first house you come to in the neighborhood).

My parents had paid 180k for the house and thought about selling it. They passed on the offer..

When we finally did decide to sell it we didn't even have to put it on the market or paint it or clean it up. And we made a tidy profit too.

Take it as a good omen :)

at least in the sense you're thinking about it.

Real estate investors send mailings like this all the time to neighborhoods they're interested in. Sites like RealyTrak even have services to facilitate these mailings.

Most people ignore them, but a few people may be in financial trouble and motivated to sell. The buyer will offer a lowball price, usually the original selling price plus a few thousand dollars.

If the owner in financial trouble, it may actually work out best for all parties -- the bank does not have to foreclose, the owner walks away with a few thousand and his or her credit rating intact, and the investor gets a bargain property without the problems associated with buying an abandoned foreclosure.

It is not a good deal for the average seller under normal circumstances.

At first I was going to write about Nigerian scams, but changed my mind.


We do get those letters here, too, and I just throw them out.

:)

We had an offer for our property that seemed very good for our old house. We thought about it for a few hours and thought something is up... The properties they were offering good money for turned out to be a small amount for what they eventually went for. Investors know things in advance and will prey on unsuspecting homeowners. Be careful! I know the investors are out in force in my area again...

I got one of those once. My MIL is a real estate agent and she said some agents do that to convince people to put their houses up for sale. Once that's done, the "buyer" will back out, but your house will still be on the market and in the MLS. Since you weren't really trying to sell in the first place, you probably won't expect the agent to hustle trying to sell it for you, so he won't have to do any hard work. If a real buyer should materialize anyway and you do sell, the agent still gets his share of the commission.

Price wise I mean?

both on the phone and in the mail. Of course, I'm sitting on an acre of land within the urban growth boundary, so they want my land, not my house. And the value keeps going up.

They must have a computer program that identifies potentially valuable property that was purchased long ago for very little money. I'm speculating, but it could be a way to get good property cheap from older people who maybe dont know the comps. Then they buy it for the assesed value which is at least 10% below market.