Buying

A past client asked me to weigh in and I wanted to share – in case this may also apply to you.

They received an unsolicited letter in the mail offering to buy their house for $255,000. Cash with a Quick Close.  They claimed to be a local real estate investor.

After a bit of digging, here are my initial findings/thoughts:

• The letter writer, Simba Growth LLC, turned out not to be a local real estate investment company.  Instead, they are a California-registered company, and the principle is a California-licensed real estate agent. 🚩
• Now, I am not biased toward investment companies. During the past year, I’ve had many clients receive offers from investment companies.  Some were reputable, and some were not.  We have successfully closed with a number of them. However, we have sent more packing.  There are many reasons for that which I’d be glad to talk over with you.  There are pros and cons to every deal.  While the pros can be pretty darn enticing, the cons can be really bad.  So it is extremely important to vet them carefully
• The purchase contract they put forth was poorly written 🚩and not one that provides the Seller many protections 🚩that a standard Indiana form would.  Worse, it gave the Buyer many outs and the Seller very little control over the whole process.  Thus, the odds of this proposed transaction being closed timely or at the price offered were very slim. IMHO.
• This proposed transaction would require the Seller to find a new home (not always an easy task, esp in this market) and move within 30 days.  That’s a very short timeline from several angles.  For example: Find a New Home, Get Financed, and Move All Within 30 Days. (Remember this Offer was unsolicited…) And all the while, Simba Growth still has the right to back out.  Ouch!
• Now for the Offer itself, I found three very similar homes in the Seller’s subdivision that sold during the past six months.  All were considerably smaller in size and sold for $11-28,000 more.  🚩So the 255K purchase price offered was not a good deal.  The Seller could, in all likelihood, net more dollars (even after paying realtor fees) going a different route- and have more security and comfort in the process.   

So if something doesn’t seem right, call a Trusted Resource. Always happy to weigh in!

We work harder to make good things happen!

I’m pretty sure that you have seen their commercials. They have quite a marketing budget.

Just this past week, I had a few calls from prospective clients asking for my 2 cents on the latest headache for the local real estate agent.  This online platform claims that it is the Easiest Way to Buy or Sell your Home. You fill out a form online and get a free no-obligation offer.

It all looks great until you get down to the real business (because buying and selling a home is still one of the largest transactions most people do in their lifetimes).  They claim that it will be a competitive offer without the hassle but remember two things 1) A big offer does not mean it’s a good offer, and 2) Time is Money. The latest horror story I heard was that the cash offer they received in less than 24 hours was awesome. But then it wasn’t awesome. When the inspection came along, the repair list was a mile long, and it was “Make the repairs or Take the lower price.”  Like $20,000 lower price.  Ouch! It was a BIG WASTE OF TIME, and the Seller had to start all over.

It’s important to keep in mind – these online platforms don’t work for you. They work for investors. So my 2 cents – Work with a trustworthy and experienced Agent. They will be on your side – protecting your interests and guiding you through today’s intense marketplace.

 Give me a call (317) 625-0655, and let us show you how We work harder to make good things happen!