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Updated about 5 hours ago on . Most recent reply

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Scott R.
  • Atlanta, GA
3
Votes |
34
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What's the trick/scam here?

Scott R.
  • Atlanta, GA
Posted

My house is on the market at 1.2M. 30 days and no bites, so I'm thinking of dropping the price. Now, if I go down to 1.1M, and you factor in full asking - 6% closing fee, I walk away w/ 1.034M. So I get an offer from a guy who calls out of the blue. This happens from time to time- investors looking to buy my house. So the offer is 1M and they pay the buyer & closing costs, no agent. Interesting. But the close date is 2 months from now. My gut tells me they pull out at the last minute and then maybe drop the price another 50K or more now that they've eaten 2 golden months during the summer to sell. Why not a 15 day close if it's a cash offer? 

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James Hamling
#2 Investor Mindset Contributor
  • Real Estate Broker
  • Minneapolis, MN
5,837
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4,411
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James Hamling
#2 Investor Mindset Contributor
  • Real Estate Broker
  • Minneapolis, MN
Replied

Yeah @Scott R., as @Jay Hinrichs mentioned this is a super easy one. 

Buyer put in a very novice written and-or-assigns clause so there clearly looking to wholesale it. And given how it's all presented I give about 1% chance it completes, because there super-green. 

I'd reply back that your willing to sell them a Non-exclusive purchase option, good for the 60 days, for say $5k. Flip the script, let's see how dumb they are, entice them right back. And if they bite, ok, get a R.E. Attorney to help you draft it where you get the $5k and they can try shop it but you can keep actively marketing and first one to sell is honored. 

Other then that it's pointless to engage with.  

  • James Hamling
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