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SELLER BEWARE

By Ann Conley
Consumer Advocate
05/29/2024 at 11:25 AM

"BEWARE!" we have all heard of "caveat emptor" which is Latin for "Buyer Beware", but now it’s time for sellers to beware. Real estate owners need to become aware how many Investors work to control your property until they can sell it and take your hard earned equity. First, they call and asking if you want to sell your property "CASH" and that they are an investor looking for property in your area. Make no mistake these investors are not your friend. They’re trying to buy your property cheap...

 

Whenever they can purchase your property for less than it’s worth then flip it and sell it for more, you may lose more than you bargained for. Its best to know what your property is worth. Also, you as a seller are responsible to deliver disclosures to your buyer even if that buyer is an Investor. To avoid law suits in the future be sure to know what you are responsible to disclose and certainly comply. If and when the Real Estate Market takes a turn for the worst; that is when the lawsuits begin! Investors know what is required but may not tell you how to protect your self.

When you use a licensed real estate agent or broker you are protected by many consumer laws. You are protected by the fact that Licensed Agents don’t want to do anything to lose their license. But when you’re dealing with an investor, they’re not licensed and you are not protected. Think twice before you allow them into your sphere of influence, Think twice before you let the wolf come into the henhouse.

They may not have your best interest in mind and although they are charming and have wonderful personalities, they may be looking to take advantage of you. 

Most of these telemarketers are fresh out of a seminar and have been given a list of property owners to smile and dial, convince you to trust them. They ask you how much you want for your property which makes you negotiate against yourself. Be sure to get an evaluation of your property from an Appraiser or Realtor.

What you may not know is that these Seminar Investors have been told DO Not get a real estate license because it’s a disadvantage. The disadvantage of having to disclose to sellers what is the real market value of their property.

Many of them do not have the cash to purchase the property, they flip the property while it is still in escrow. The best way to know that might be their intention is when you see the offer is from "John Doe and or assigns," They get you the seller to sign a contract that can tie up your property where it becomes almost impossible for you to sell to a bona fide buyer.

Be sure to call your local realtor when you are ready to sell your property, and when you receive a call asking if you’d like to sell your property be sure to ask them if they have a real estate license. A real estate investor does not have your best interest in mind, they are interested in making a profit off of your hard earned equity.