Telling sellers you're going to move into their house?

7 Replies

A slimy trend we're noticing in Columbus, OH. I'd imagine it happens elsewhere. 

Investors telling home owners that they plan to move into the house if they buy it.

Are you using it?

Yes, people are doing that elsewhere as well. The one time I used it, I actually did move into the house a couple months after buying it. 

I think this is a strong case for one of my favorite quotes... 


"How you make your money is more important than how much money you make."
 

You can be seen as a slimy agent...or not. 

You can make a killing off of a lie...or not. 

You can beat other investors to that house...or not. 

It's all your choice in how you operate. 

Originally posted by @Harvey Yergin IV :

A slimy trend we're noticing in Columbus, OH. I'd imagine it happens elsewhere. 

Investors telling home owners that they plan to move into the house if they buy it.

Are you using it?

I will sometimes use that line because I live in my multi-families. If I plan on just brokering the deal then I will say it is for a partner but they are an investor.

I have one in contract. Do you think the South part of Southern Orchards is too sketchy to live in?

Originally posted by @Harvey Yergin IV :

A slimy trend we're noticing in Columbus, OH. I'd imagine it happens elsewhere. 

Investors telling home owners that they plan to move into the house if they buy it.

Are you using it?

when you say this is a slimy trend, how many people are you actually seeing use this? you are the first person i've heard bringing it up

 

Personally I would never say this, but describing it as slimy basically puts every real estate off-market strategy on blast that isn't completely direct. Homeowners often don't understand how we make money on a property and they want top dollar, don't want to do any work, don't want to go on the market, etc, etc. The underlying question is why does it matter to an off-market seller? They want the most money. If they like the deal offered and are somehow placated by the fact that an investor claims they are going to live there, I don't think it's that big of a deal. Again, it's not something I would ever do. I am very straightforward, but if the money is right and a win-win for both sides, does it really matter if the homeowner can only let go because they think someone will move in and not renovate it? There are a lot worse things being said by wholesalers out there, like I have money and I am buying this house when they are not and don't even have a buyer's list.

@Harvey Yergin IV are you talking about cash properties? Because to tell the seller you're moving in, then checking the box in the contract that you will NOT be living there as a primary residence is a giveaway.

To say you will live there, get an owner occupant loan to live there and then not live there is mortgage fraud.

And yeah, I see a lot of misleading statements in real estate. It's sad, because there are plenty of deals and plenty of money to go around.

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