Selling to Progress Residential.. too good to be true?

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Selling to Progress Residential.. too good to be true?

Andres Rossini
Investor · Phoenix, AZ · Member since 2014 · 51 posts · 14 votes

I just placed my home in the “coming soon” status. Progress Residential sent me an offer $25k over asking and buying as-is (I haven’t even posted pictures tires). Looks like a massive rental company. But sounds too good to be true. I can’t find much in google about them buying houses, but lots about being landlords.

Any advice?

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Jennifer Lyles
Real Estate Broker · Atlanta, GA · Member since 2021 · 52 posts · 41 votes
5y

@Andres Rossini  We sell quite a few rentals every year to Progress Residential.  There offers are always at asking or slightly over asking and close quickly.  We've never had an issue and they've been very easy to work with over the years.  

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  • Duc Vu
    Member since 2021 · 1 post · 0 votes
    5y

    Huyen Mai,

    I also got offer for my rental unit in SLC, Utah that has the same clause "At any time prior to the close of escrow, Buyer may unilaterally assign its right, title and interest in and to the Agreement without requiring acceptance or agreement of the Seller.". I am writing a counter offer to have this clause removed.

    0Reply
  • Miguel Lopez
    UT · Member since 2020 · 20 posts · 8 votes
    5y
    Originally posted by @Duc Vu:

    Huyen Mai,

    I also got offer for my rental unit in SLC, Utah that has the same clause "At any time prior to the close of escrow, Buyer may unilaterally assign its right, title and interest in and to the Agreement without requiring acceptance or agreement of the Seller.". I am writing a counter offer to have this clause removed.

    Sounds like they are leaving the door open to wholesale the property if needed. Doc, I am looking to buy my first property in SLC. I would love to take a look at the property if you are interested in selling. 

    0Reply
  • Kishore Kakarla
    Member since 2022 · 1 post · 0 votes
    4y

    Can you please send me the site to contact them to sell my house?

    Their website doesn't seem to have clear contact details to sell the house.

    0Reply
  • John T.
    Rental Property Investor · Central U. S. A. · Member since 2013 · 296 posts · 149 votes
    4y

    I got a cold call from an agent of Progress Residential tonight.  I told him that I was not interested in selling at this time, but asked him to send me his contact information via email.  He sent me an email along with the following flyer:

    DM me for the agents contact info.

    0Reply
  • Jerron Patton
    Member since 2022 · 1 post · 0 votes
    4y

    I what was your outcome and did they use a realtor?  Thanks in advance 

    0Reply
  • Chris Bizub
    Phoenix, AZ · Member since 2018 · 1 post · 0 votes
    4y

    Is anyone in this thread able to share a good contact for Progress? We have deals we would like to send to them. Arizona and North Carolina. Thanks

    0Reply
  • Chad McMahan
    Residential Real Estate Broker · Sedona, AZ · Member since 2017 · 751 posts · 504 votes
    4y
    Quote from @Andres Rossini:

    I just placed my home in the “coming soon” status. Progress Residential sent me an offer $25k over asking and buying as-is (I haven’t even posted pictures tires). Looks like a massive rental company. But sounds too good to be true. I can’t find much in google about them buying houses, but lots about being landlords.

    Any advice?


    This sounds like a wholesaler, not a buyer. Maybe I'm mistaken and they purchase in their business name, as well. But wholesalers do not- so beware.
    0Reply
  • Leila Reis
    Member since 2022 · 1 post · 0 votes
    4y

    Hi - I was reading what you wrote it about progress sending you an offer - I want them to purchase my house how can I get to them ? Thanks 

    0Reply
  • Sebastien Justin
    Raleigh, NC · Member since 2019 · 3 posts · 4 votes
    2y
    Quote from @John T.:

    I got a cold call from an agent of Progress Residential tonight.  I told him that I was not interested in selling at this time, but asked him to send me his contact information via email.  He sent me an email along with the following flyer:

    DM me for the agents contact info.


     Hey John, just DM’d you for their info as I have a home I would like to send over to them

    0Reply
  • Mark WilliamsPro Member
    Real Estate Broker · Huntington Beach, CA · Member since 2010 · 63 posts · 35 votes
    2y

    It may be advisable to consider listing the property on the open market to maximize the potential selling price for your client. While some of these companies may initially make attractive offers, my past experience has shown that they can sometimes alter their terms at the last minute with unreasonably low bids. This approach ensures you have the opportunity to rate this particular company's offer against other potential buyers while safeguarding your client's interests and avoiding missed opportunities.

    [email protected]714-745-6164
    0Reply
  • Chad McMahan
    Residential Real Estate Broker · Sedona, AZ · Member since 2017 · 751 posts · 504 votes
    2y
    Quote from @Mark Williams:

    It may be advisable to consider listing the property on the open market to maximize the potential selling price for your client. While some of these companies may initially make attractive offers, my past experience has shown that they can sometimes alter their terms at the last minute with unreasonably low bids. This approach ensures you have the opportunity to rate this particular company's offer against other potential buyers while safeguarding your client's interests and avoiding missed opportunities.

    Agreed. Selling through a wholesaler is generally bad (for many reasons) for sellers. Arguments to the contrary (by wholesalers) are simply salesmanship.
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