Yes, I know they’re scummy as fuck. Yes I know they’re gonna turn it into yet another overpriced rental. But I’m mostly asking if they’re otherwise legit.
I get those offers all the time and typically shitcan them immediately. The most recent offer I got is for twice what I paid for the place, and honestly, it’s enough to be my ticket out of this backwards-ass shithole state. Otherwise, barring a surprise lottery windfall, I’m stuck here for the foreseeable future.
Assuming all is above board, the main concern I have is if it’s worth that much to them, wouldn’t it be worth that much to me? FWIW, I like my house and my neighborhood, but it sadly exists within a shithole of a redneck state where I’ve been disenfranchised all my life, and I want the fuck out of here.
Edit: Thanks everyone. I knew they were scammy/scummy but several of the replies cleared up how they operate, and it’s scammier than even I was thinking. Back to buying my weekly lottery ticket and hoping for the best. 🤞
So there could be a few angles, all angles are you likely getting less for the convenience.
One angle is that the contract they offer gives them the right to back out and to sell the contract to someone else, typically refered to as wholesaling. Their goal is to offer you say $150k and attempt to sell it for $200k to someone else. And if that fails, they cancel the deal and walk away.
Another angle is they are a flipper and think they can make a profit regardless of the shape. They’ll still do an inspection to make sure there isn’t anything major.
If they reached out to you, their margin will be tighter because they want to be in the area. If you reached out to them, their margin will be larger because you might be desperate for cash.
If you talk to them, they will pressure you into signing a contract, but it would be worth it to find a real estate attorney to review the contract and be on your side.