Sight Unseen Solicitations are Back!
In the past week I received a form letter and postcard from two different outfits saying they want to buy my home. The good news is that these type of solicitations indicate that values have risen sufficiently to justify entry into our market by “vultures”. Vultures are bottom feeder real estate investors who attempt to buy homes priced below the market so they can flip and resell them at or above market.
Increasingly these buyers are not even renovating the homes they acquire. Often they offer them for sale after a purchase contract is signed but before the deal closes and they have title to the home! The idea is to generate a profit quickly, instead of holding and rehabbing the homes. This lowers their risk.
So remember their goal is to buy low and sell high, which means paying you less than you would get in the open market. If would like to know what your home is worth, let me know and I will be happy to give you a market estimate.