Have you received an unsolicited call to buy your house? Out of the blue, your home isn’t even on the market, and someone is calling to see if they can purchase your property? Sounds strange, and maybe even a little fishy, right? While receiving an unsolicited offer on your home is not common, it’s not unheard of either. Here is what you need to know to vet the caller, determine if it’s legit or just a scam, and what to do if you decide to entertain their offer.
If you live in a popular neighborhood or an area ripe for redevelopment, chances are you’ll receive an unsolicited offer from someone to buy your home. You don’t have to respond to the offers if you don’t want to—it’s not even rude—but if you’ve been thinking about moving, there are a few different tacks you can take.
clients have been consistently outbid or otherwise frustrated by the traditional sales process. Their clients see a home they like and the agent puts together an offer letter and drops it in the mailbox.
Who Is Cold Contacting About Buying Houses?
With a hot real estate market, the number of unsolicited offers on homes has seen an increase. There are two types of people who will call about buying your house: realtors or investors. A realtor will be working on behalf of a client, perhaps they drove by your home and fell in love and decided it couldn’t hurt to reach out to see if you would consider moving. In a high demand market the potential buyer could hope that their offer would entice you to move or that they could purchase a dream home before it even hits the market.
The other type of person who could contact you about buying your house is an investor. Investors could be contacting you if have recently inherited a home and you are in the probate process or perhaps if you’ve defaulted on recent home payments to your bank and are not making your mortgage each month. In these situations an investor would be interested in purchasing your inherited home to take the time and stress off of you fixing, listing and showing an inherited home. If you’ve defaulted on payments investors can come make an offer on your house before you get in trouble with the bank or have to go through a short sale and foreclosure.
What Questions to Ask to Determine if it’s Legit or a Scam
This this unsolicited call has got you thinking about selling your home, or it’s a potential solution to the problem of an inherited house or defaulting on payments, then you need to vet the caller to make sure that they are who they say they are.
To do your due diligence you need to find out the answers to these questions — a realtor or investor should be able to easily answer all these questions, so if you’re getting vague answers or other red flags that’s a sign it could be a scammer.
- How will you be paying? If it’s cash does that mean I get a check right away?
- When will I get paid? Is funding already secured and how long will the transaction take?
- Do you have a realtors license or a business license?
- Will you come to my home and make an in-person visit in order to make an offer on my home?
Other steps to take:
- Google the person who has contacted you. Look for online reviews and an internet presence. Reading how others have felt working with this person can go a long way to building trust.
- One red flag to look for is if they ask YOU for money. You shouldn’t need to give them any money outside of what is worked out in an official purchase contract when they are ready to buy.
- If it is a realtor that contacts you, look into getting your own realtor who can help navigate working with unsolicited calls to purchase your home.
- If it’s an investor who calls, they could be part of a house buying company. Research their company online and learn more before accepting any offers.
What Should You Do?
If you’ve done the work and feel confident that the buyer is a legitimate investor or realtor then you need to ask yourself: Do you want to sell your home? Maybe the timing is just right, or maybe this is a solution to a problem that you weren’t sure how to deal with. What started as some random person calling to buy your house could turn in to a fast and easy cash sale on an inherited home or home you can no longer afford.
It’s always important to be cautious and avoid scams, but you can feel confident that by asking the right questions and doing some research that the person you are working with is a trusted professional with experience in purchasing homes. While offers from investors will likely be less than an offer from a realtor, keep in mind that investors will also purchase your home as-is and with no fees or commissions so that amount of savings could end up making all the monetary difference.
Who Can You Trust?
Gary with Gary Buys Houses is one such trusted investor in the state of Utah. He reaches out to families who are dealing with probate or delinquent mortgage payments. He wants to help you have a stress free home selling experience and create a win-win for both parties. He can make fast cash offers and receives 5 star ratings from his clients who appreciate how smooth the home selling process went and how honest and transparent their experience was working with Gary.
If you’re considering accepting an investors offer after receiving an unsolicited phone call, contact Gary and you can feel confident that you are working with a professional and saving money and time by selling to a house buying company.