The truth is they are just out to make a quick buck. They will offer you a fraction of what your home is worth, and then turn around and sell it to an investor or flipper for a profit.
Selling my townhome is something I’ve been considering for a while. It’s not in bad condition, but it does need some repairs, paint, and other minor updates. For the convenience of not having to hire handymen and work teams, I know I could get an offer from one of those “we will buy your home for cash, as is” companies. Although I’m curious what they’d pay for my little place, I know they’re going to offer me a fraction of what it’s worth.
These companies are what I like to call the bottom feeders of the real estate investor community. They buy homes for way less than what they’re worth, collect your information (who you are, details of the house, what you’d take for it as is, etc) and then turn around and sell it to other investors or flippers for a profit. They don’t usually have the funds to do it themselves, so they’ll try to get you under contract and then sell your home to someone else who does.
If you do get a call from one of these bottom feeders, don’t be afraid to ask them questions. Ask them if they subscribe to the Bigger Pockets Podcast or how much the book Rich Dad Poor Dad changed their lives. This will help you figure out if they’re serious about real estate investing or if they’re just out to make a quick buck.
It’s important to remember that if you do choose to accept a cash offer from one of these companies, you won’t be getting the full value of your home. And if you turn down their offer, they may still keep harassing you. But if you’re looking for a way to get rid of a home without dealing with repairs and other hassles, this might be an option to consider. Just make sure you do your research and ask the right questions.