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"We buy houses"
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I've gotten a few of these flyers in the past but never read them before. Yesterday one came in the mail and I was bored so I actually looked at it. "I will buy as is...even if you have little to no equity. This program is not a short sale, does not require bank approval, and your credit is not harmed. I can close in days, I'll pay all closing costs" etc etc.
So anyway, I'm sure this is a scam, but I'm curious as to exactly what the catch is. Anyone know? I tried looking up the company - "Buy House Group" but it doesn't even look like they have a website.
I'm not sure why, I just really want to know what the deal is with these things, lol.
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Re: "We buy houses"
Or they pay you in Trident Layers
Usually these are just real estate investment companies that are looking to buy properties (esp. in these times when the market is down) so they can sell later at a profit. They aren't necessarily house flippers but they're just trying to gain inventory.
Provided you aren't upside down/behind on your mortgage, their claims are correct - it wouldn't affect your credit and they could, indeed, close in days. The problem is that if you have no equity on your home, you will essentially walk away with nothing since they'll only offer you bare minimums for your house.
More than likely - especially if you know what you're doing selling a house - it isn't a scam.
Interesting. So it's not necessarily a great deal for the homeowner, but they are legit.
Well too bad I am upside down on my mortgage. What I need is an investor to come in and pay me more than what my house is worth. Anyone out there like that?
It means that the house is now worth less than what you owed on it. We got a fair price when we bought it, but prices have dropped substantially since then. If we wanted to sell now we'd have to bring cash to the table to pay off our mortgage.
There is at least one foreclosure right down the street with the same layout as ours and I think that is what is driving down the prices. The sign is (finally) gone after like 2 yrs so I'm really hoping someone bought it. I think something must have been seriously wrong with it though. When I think about how low I saw it listed for last, I want to cry.
It's when you owe more on the mortgage than you could sell the house for. Ex: bought a house for $150k, mortgage is now down to a balance of $140k but the current market value of your house is only $115k.
Ah. I see. Probably a good thing we bought such a cheap house then! Not that we'll ever be moving soon.
Sorry about that, Rach, that has to really suck. Our 'hood is such that all the houses are older (ours is the oldest house on the entire street) and none of them look at all like any others, so there is absolutely no real way to gauge what comparable houses in the neighborhood are selling for.