Be Aware of Investors
Be ware of investors willing to offer you cash on your property. More than likely they will state they can close the transaction within days leaving you nowhere to go or without the ability of investigating the true value of your property.
I had a client who was behind on tax payments. He was an elderly gentleman. We chatted a bit about what his plans were and how we might be able to help him. He had no means of bringing the payment for taxes due current and was afraid of losing his property. I asked to meet with him to inquire about how we might be able to help him.
He stated to me he had an offer on his 8 units. It was an apartment complex in the Imperial Beach area. We chatted a little and I asked if I could do a little bit of investigative work on his place to get him a value for selling. He had received a verbal offer of $550,000 from an investor at the time. I requested he not sign any documents until I had a chance to review the values.
I drove out to look at the property. It appeared to be in good condition although it was in need of a bit of work on the exterior. It was lacking some paint and cleanup of the area. Needless to say after reviewing the comparables I found the property was most likely worth $850,000. The difference of $300,000. He agreed to allow us to list the property and within a few days we generated multiple offers.
It is important you be cautious when an investor or individual comes and knocks or calls on you to buy your property. The first thing they will point out is all the upgrades the property is missing and the lack of upkeep. Don’t be fooled. Be sure to get a second opinion of the value from a licensed professional. You don’t want to find out later they took your home from under you only to sell it for thousands more a month later and regret your decision.
If you have any questions regarding the value of your home or the selling process Contact Us or call us for a free no obligation consultation. Call (619) 339-6875 and ask for Grace.
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