- September 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Background:**
I reside in one city but work in another, which prompted me to rent a house in the city where my workplace is located. Due to the financial difficulties faced by my landlord amidst the COVID pandemic, I decided to purchase the house I was leasing. This opportunity arose in early 2021, a period before the housing market experienced a significant surge, allowing me to secure a fair deal on the purchase. Moreover, I was able to secure a favorable mortgage rate before the rates skyrocketed. Consequently, I promptly embarked on several repairs, all of which were duly documented with the local authorities. The house in question is the one acquired in 2021.
**Recent Developments:**
Over the past three months, I have been inundated with a barrage of daily calls, messages, letters, and emails from people inquiring if I am interested in selling my house. The situation even escalated to an instance where an individual approached me while I was tending to the front yard, expressing their desire to acquire my property.
**Current Issue:**
Given the persistent inquiries, I eventually relayed to some of the callers that although I currently had no intention of selling, I would entertain an offer if it met a certain threshold. In response, they took a few days to compile information on the house and subsequently contacted me again, presenting offers that were shockingly low – tens of thousands of dollars below the purchase price and less than half of its current market value, disregarding the substantial improvements I have made. Baffled by their proposed figures, I probed further and their rationale became apparent – their aim was to secure a profitable deal for themselves.
**Question:**
I am left with a burning question – what was the purpose behind their endeavors? Is there a misconception about my financial situation or creditworthiness that makes these individuals believe I am compelled to sell the house? It is worth noting that my credit score is excellent, I possess reasonable savings and investments for someone my age, and I am financially responsible. It is inconceivable that anyone not facing dire financial circumstances would accept such ludicrous offers. Moreover, the effort and resources expended by these prospective buyers to contact individuals and present unappealing offers surely entail some costs, albeit potentially minimal. Consequently, I am concerned about the underlying intentions and implications.
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****** just grabbed a
>What was the point of the exercise for them?
To get someone to sell them a house at a price they can make a profit on. That’s how cold-calling works.
>Is there something with my credit that is making these folks believe that I need to sell my house?
Unlikely, clearly at least one of them was just physically canvassing your neighborhood and the others were probably just looking up ownership records on your County website. The fact that you own your house is a matter of public record.
> I can’t imagine anyone not in dire financial straits agreeing to such an offer and the folks making the offers put enough effort into contacting folks that making ridiculous offers that wouldn’t be accepted has some cost, even if it’s minimal.
That’s why they need to buy at such a low price, so they can cover expenses like this and make a profit.
>So, what’s going on and should I be worried about it?
Just as worried as you are about the spam mailers and emails you receive.
ItÔÇÖs not you, itÔÇÖs them. TheyÔÇÖre hunting for desperate people who want to make a deal and cash out easily, people who are unsophisticated and donÔÇÖt realize what their properties are worth and people who are just plain impulsive.
ProPublica is doing a really interesting series about this phenomenon: https://www.propublica.org/article/ugly-truth-behind-we-buy-ugly-houses
They are usually looking for older people who bought it a long time ago with a ton of equity that doesnÔÇÖt know the true value. Vultures & scammers imo
Because the caller spent a couple thousand dollars on a get-rich-quick-flipping-houses seminar. They were told this method works a percentage of the time. Also, calling, emailing and texting boiler plate info doesn’t cost them much and the payoff could be tremendous. They just need to catch one person in a bad situation – family, health, debt, addiction, etc. – for it to be lucrative. Don’t take it personally. Your neighborhood may be a hot spot for flippers.
I just tell them 2 million cash 5 day escrow and they don’t call back.
If you are a homeowner you are likely to get these calls, especially if you live in an area with increasing real estate values.
Investors hire call centers in India to call millions of homeowners. If you get 1% of 1 million to say they are interested, that’s 10,000 potential leads. Close 3% of those, and you made 300 deals.
Profit $50K on each deal and that’s $15 million.
It’s a numbers game. Throw out enough low-ball offers and you might have some scores.
They also tend to look up death records and cross reference to property records, figure out who is family and then offer to buy the deceasedÔÇÖs house from the grieving heirs. It was disgusting how many cold calls I got for my momÔÇÖs house, and when I entertained one to come do a walk through he offered about 50% of what I ended up selling it for the regular way later. I get the random ÔÇ£let me buy your house!ÔÇØ letters and texts on my own house, and wonÔÇÖt engage with any of them.
Out of curiosity, have you looked your address up on Zillow, Redfin, etc.? And if so, under property history does it show your purchase price? Or is that information out of date, showing the price the previous owner/your former landlord paid?
Just a half-formed thought, but the people cold-calling might be working off of subpar data, thus the below market offers.
My mom died two years ago this month, it took me until the following summer to officially get the house in her will…
No sooner did that happen then I start getting two postcards a week from this sleazy Realtor, demanding that I consider selling the house immediately because I am a “social disgrace” to my neighbors…
1) single, 53, never married(blame Mom and her dementia)…
2)property tax is inconsistent with the neighbors (under $800, while the neighbors are paying $3,400-8,000) and all the houses on my street are ~1,000 square feet…
3)upset at the listings on Zillow and Realtor.com saying “house not for sale, under new ownership since July 2022″…to this Realtor, he’s looking at my house on Google Street View and considers it an eyesore…
I contacted the postmaster for the city his “office” is in, and she told me that his address doesn’t exist and his phone number is from Sacramento(and I’m here in Pasadena)…even the Sheriff’s Office said no, they won’t help me with the “harassment”…
I’ve gotten calls from other Realtors all over California wanting to know WHY I refuse to sell out to a “young family with school-age kids”…
I just hang up…but they STILL won’t take NO for the answer…
TheyÔÇÖre cold callers. Ignore them, hang up, do not engage.
We have been trying to reach you about your carÔÇÖs warranty.
Scammers are also validating their purchased info by texting or calling you. Don’t engage at all; block/report the numbers.
I get them all the time also. They get your number from public records I believe. They’re looking for people who are desperate. It’s just hunting with a shotgun. Doesn’t cost much to bother people. You would never sell this way if you didn’t have to. Just tell them not to call again and block the number. If you want to sell, put it on the market.
This is called wholesaling and some people have been talked into this get rich quick scheme I suspect it will pass
Probably just bc you are an absentee owner if your mailing address is different than that subject address they realize its an investment property and might have motivation to sell.
Maybe move the property into a trust and hide your information and you will stop receiving calls but might get more direct mail instead.
Instead of asking them for an offer, give them a price that reflects the value of the house to YOU. Not the market price. The value to you. If houses in your neighborhood normally go for $500k, tell them $10m. Because that’s what it would take to get you to move.
“But that’s way more than the fair market price!!” “Perhaps, but that’s what it will take to motivate me to sell.”
Side comment; its absolutely wild reading this as a Canadian. I’ve owned my house for a few years. Never once have I received a flyer, email or call to buy my house.
Is this a super-common thing or am I just in a weird market?
They are looking for older retirees who have not followed the market. Then they scam them quickly.
My cousin works as a real estate agent in a very competitive housing market. She said that she frequently has buyers with deep pockets who want to find a house in a very specific neighborhood, or on a specific street and they plan on doing major remodels to make it exactly what they want it to be. In these situations, she’ll go door to door and usually say something like “100k over Zillow, all cash” to get someone’s attention, but she legitimately has a buyer that can offer that.
She usually finds some older couple that is ready to downsize or someone else who was already thinking about selling, but hadn’t started the process yet. She often will get both sides of the commission on the sale (buyer and seller) and also the buyer’s commission for the people that now need to relocate.
It doesn’t sound like that’s what’s happening here (shitty offer, lots of pushy contacts), but I figured I’d share what a legitimate version of this same general approach looks like.
Tell them, unless _they_ give you an offer you canÔÇÖt refuse, the house is not for sale. Emphasis on the word they because it should be them making the offer. DonÔÇÖt even humor them with a number if they ask you what price you would sell for. Just keep repeating line 1.
House is worth roughly 750, whenever I feel like responding to their texts I’ll usually just say “1.3”. Last time their response was “Is that negotiable? we pay all of the closing costs and buy it as-is”. I’m not leaving a house I love, setup just right for us, without large incentive.
I just tell the cold callers.. 2 million dollars you can have the house and every thing in it.. , furniture, all my clothes, …… Then they usually start the script about market price , condition, …… then I state again 2 million cash, is the lowest I would entertain and would just walk away frome everything..
I’m have no interest in selling, house is only worth about $450-500k.. butt I would walk away and leave everything if I did get 2 milllion..
At least you own the property!
My phone# got associated with an old man who own several properties in the city. At one point I was getting 5 calls a day for property I didn’t own. It’s been going on for years.
99% of them were from spoofed numbers, the people on the other line would never reveal which company they were representing (“Local investors!”, “Homebuyers inc”).
No matter how many times I would tell them it wasn’t me. I don’t own the property. Please don’t call. I’m on the national no call list, etc. etc. They’d just call back. I could recognize their voices and they still would insist they’ve never called me before.
Eventually I’d start offering to sell them my interest in the property. I actually got a week or two into the process when they finally asked what my interest was. (0%) Not very happy campers were they.
It slowed down when interest rates went up, but there’s been an uptick just recently. My personal guess is its some big company like zillow behind most of it with deep cash pockets
The weirdest was when somebody from the city government called looking for the owner, was following up a wellbeing check. “Nope, not me. Never met the man, I just get calls about his property”
I respond to all the texts and emails with the Dr. Evil “one million dollars” gif. Phone calls I basically do the same thing, I ask for a million dollars, minimum. They eventually stopped.
I always tell them my price is $5 million wired, and I also require a 1% non-refundable consideration fee upfront so I know they are serious. They always tell me they need to talk to a manager ƒñÀƒÅ╗ÔÇìÔÖé´©Å
They are predators. They look for old people and those who may not be at home all the time and make them low ball offers. This is not about you, it is them preying on those who need quick cash. Ignore them, block them, yell at them, it will not help. They get maps from the city of the homes they think will make the most in a flip and endlessly torture them with offers. I live in one of these areas and have not been able to get it to stop.
If they are regularly pestering you after denying,You have to consult with a lawyer or your local consumer protection agency to see if there’s anything you can do to stop the harassment.
I’ve never lived in a house that didn’t get these flyers and I’ve only ever rented. Its not you