Profile picture for user250771

Selling my home to an out-of-state Investor

I have listed my home for sale on several sites, Yesterday I was contacted by an investor from GT Capital Inc. I received an email from the investor asking for provide the legal description of your property along with the sellers' full names so he could put an offer together. Which I did, he emailed me this
"I'll email an offer this afternoon.  It will be a little higher than your current asking price.  This will compensate you partially for helping us show the home from time to time to buyers."

My questions are what should I be asking or looking out for to know that this is a legit offer/contract etc...

I just received his offer (havent read yet) I wanted some advice before responding

Thanks for any advice/help
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June 23 2012 - Broken Arrow
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Answers (11)

Profile picture for wetdawgs
Called his bluff.  You can also respond  that you are not signing the title over them until you get full payment, and don't have time to get involved in showing the house for them. 

You have not screwed up totally.  No real purchaser offers close to 20% above asking price for a property sight unseen and want you to help them sell it. 

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June 23 2012
Profile picture for user250771
Thank You again everyone for your input...
Here is the email I just sent the investor

"Okay I am going to forward this Purchase & Sale agreement to our Real Estate Attorney for  him to read.

We are wanting to sell the house as-is.

Also NOT to sound blunt but I have done some research and there doesn't seem to be a lot of info about gt capital. I was able to connect you with sunwest capital-which doesn't seem to be in business anymore.

You will have to forgive me, I like to know who I'm doing business with, there are a lot of scammers out there trying to get people to sign over the deed to their homes and then they are left out in the cold.
I was able to determine that you and your wife lost your home in Utah. You won't mind providing proof of funds would you?
Our Attorney won't be able to get back to me until late in the day on Monday."

Now I may have just called his bluff or screwed up royally if he was legit...
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June 23 2012
You may want to ask for proof of funds.  How soon is he willing to close?  You can find yourself a title company if that would make you feel better. If you can move out right away then do it, ask for the investor to close within 2 weeks time.
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June 23 2012
Profile picture for user250771
Yes the whole us showing the house to potential buyers raised a red flag for me. Not to mention I can't find much info on the company GT-Capital-Inc, the website looks a little fishy to me,very basic not a typical looking site like say homevestors.com

The thing is we aren't upside down on our home didnt buy it for much 13 yrs ago and dont owe much now-we have done NO improvements and basically just want to sell it for a small gain....thought we would see what an investor would give us...homevestor offered 47k which we are fine with(the house needs repairs-that offer gives us a small gain) then I got the call from this guy we were asking 56k his offer was 56,500 with 500 going straight into escrow with american title....
anyways thats a bit of a back story....

sounds like this may not be what we were looking for
Thanks for your replies
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June 23 2012
Profile picture for the_country_hick
Basically it sounds like you would sign the title over to them. They would then take your house without paying for it and you would be in trouble.

This is not a real offer. If it was they would not offer above your asking then say you stay in the house and show it to someone else who would pay more than the "investor" is willing to overpay.
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June 23 2012
Profile picture for user250771
Yes it is a FSBO and no I do not have any experience buying/selling. I am having a Real Estate agent read the contract, it is a cash type deal and the investor 'says' he...see below paragraph

I like to use First American Title Ins Co.  I have designated First American Title Co in Broken Arrow.  If you have a strong preference for another title agent or company, please let me know.
 
and from his latest email he stated "No contingencies other than property inspections"
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June 23 2012
I am assuming that you are a FSBO, correct?  Do you have a strong background buying and selling properties?  I would feel a lot more comfortable if you were represented by a national real estate company.  You do not tell us the terms of the offer...is it cash, when is the closing, have you requested proof of funds or if it is a mortgage a pre-approval letter.   Too much information missing to make a sensible recommendation.It may not be a bad idea, if you are a FSBO to run this offer by a real estate attorney before signing anything.
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June 23 2012
Profile picture for user250771
This is what I have found so far
The parties hereby agree that seller shall sell to buyers or buyers assigns and buyer or buyers assigns shall buy the following described real property upon the following terms and conditions
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June 23 2012
Profile picture for wetdawgs
RUN  don't walk away from this scam.
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June 23 2012
Profile picture for user250771
Im reading it now...and also sent my friend who is a realtor. any particular place i would see the "right to assign"?
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June 23 2012
Does the contract state the right to assign?
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June 23 2012
 
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