Profile picture for hidingangel82

"We Buy Homes Companies", are they legit?

I am in a bind and need to sell my home because of a breakup.  I cannot afford the home on my own, and honestly do not want to stay because of the memories.  I do not feel like I am able to rent or lease the house out. 

I know the housing market is all about the buyers, and unfortunately, my house is not in the best of shape, I fear I would be forclosed on before it would ever be sold. 

I think that my only option is going to one of the companies that buy your house from you, but I hear they really offer below FMV... does anyone know of any companies, especially in Oklahoma, that offer fair rates AND are legit? 

Desperately need answers & suggestions from anyone who has advice to give. 

 

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March 17 2008 - US
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Replies (13)

Profile picture for 2 Big 2 Fail

They will only pay 60-65% of the market value. 

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March 17 2008
Profile picture for BayWind

They are legit, but Alps is right. They look for 65% deals and find some. It is a trade of time for money, but it might be a fit for you in your situation. Make sure you have an attorney look things over.

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March 18 2008
Profile picture for Mr Caveat

they wont pay full price, i got 75% of my house's "potential value" (the value it was flipped and re-listed for) paid in cash, closed in a week.

 

what i did was:

 

had several of these companies through my home bidding

had a realtor freind of mine there to "appraise it for fair market value, and my protection"

 

i should point out that the house was a run-down fixer upper and not worth the liability.

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March 18 2008
Profile picture for Mr Caveat

...had several of these companies through my home bidding*

 

*overlapping them so they knew about the competition...

 

also show the house but you set the price("i have an offer of X where X is just below what you want)

dont sign there, they will call back and raise their bid... or there is plenty of fish in the sea

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March 18 2008
Profile picture for Mr Caveat

allow 3 days to a buisness week for re-bidding

 

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March 18 2008
Profile picture for BtrL8ThnNvr

angel-where in Okla are you?  I know a guy who sold all his houses to homevestors, and probably didn't get nearly as much as he could have.   But they were all nasty rent houses and not worth all that much. 

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March 18 2008
Profile picture for 2 Big 2 Fail

Also, not all of the We Buy Houses companies are legitimate.  Some will strip your house of all the equity and then walk away, leaving you out in the cold. 

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March 18 2008
Profile picture for Mr Caveat

how exactly do they manage that? i mean you have to give them permission to do any work. short of stealing the copper from the walls in the dead of night... what kind of a contract would that be?

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March 18 2008
Profile picture for 2 Big 2 Fail

I don; think you understood me NTETS.  WHat I mean is that they will take out a second mortgage on your house without you knowing, stripping you of all your equity. 

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March 19 2008
I am Co-Founder and CEO of Express Homebuyers. We are Better Business Bureau and have bought 1,300+ homes in DC, Maryland and Virginia since 2003. We buy to fix up and resell and we buy to hold long-term as rentals. I tell sellers everyday if you have the time, energy and resources to wait and sell the traditional way you will usually get more for your home. If you don't have the time and resources companies that buy houses may work great for you. We have hundreds and hundreds of satisfied sellers who needed to sell quickly for one reason or another. We have saved hundreds of homeowners from foreclosure at the last second - getting them cash so that they could start over. Had they gone through foreclosure they would have lost everything. The second house I ever bought was from a lady who had 5 kids and was a week away from the foreclosure auction. She had been lying to her husband and wasn't paying the mortgage with his paycheck. Instead of losing everything and going homeless I was able to get her cash and with that she moved her family into a rental house. The following is a page on our site that explains the different ways to sell a house. 
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July 03 2013
I have know Brad for over 7 years now, and he's absolutely correct.

I also own a "We buy houses" business (started in 2003) and have done deals in the DC metro area (where I met Brad), and now I focus on San Diego, CA.

Here's what I tell sellers:

It's just like selling a car.  Sure, you can look up your "blue book" value, and try and sell it on Craigslist, or in the paper, and get top dollar.

Or you can take the car to a dealership, sell it for much less, but walk out with cash the same day.

Make no mistake, "We buy houses" businesses are absolutely for profit businesses, and we expect to resell your home for more than we pay you for it.

As the seller, the biggest thing you should ask the "we buy houses" guy is:

"Are you going to flip my home without ever closing on it, or are you the actual buyer and have your own cash?".

The former might just tie up your home under contract, and then flip it to someone like me (or Brad).

You would actually be much better served selling directly to the guy who has the cash.

Good luck!

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July 03 2013
Profile picture for sunnyview
Some are legit and many are not. In most cases, owners would be better off selling at a bargain basement listing price using a flat fee MLS listing. There is no reason to give that extra money to a we buy houses company as profit and no reason to allow them to option the property to someone else on your dime. There are better ways to sell.
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July 03 2013
Profile picture for zuser20140603101736743
I am interested in finding someone that will work with me in my area Copperas Cove/Killeen/Ft.Hood, TX area. The house I'm in was my ex-husband's first. During the marriage he re-financed adding me to the mortgage. We've been divorced for 5 years now and I'm about to marry my fiance and want to relocate. Are you able to refer me in the right direction? I have received an email response from someone from We Buy Ugly Houses telling me, no one for my area available?? I don't accept that. People say, it's hard to buy and sell homes in my area but that's incorrect. Houses are being bought and sold all the time being that this is a military community. So again, please without giving me a brush-off like that, lol, point me in a right direction. Thanks.
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June 03
 
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