Why do these people want to buy my home?

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Pacific
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Why do these people want to buy my home?

Post by Pacific »

I have a home in Phoenix. About every couple of months or so I get either a postcard or letter from a total stranger claiming that they want to buy my property. The latest postcard says:

We want to buy your property at ****. We can buy your property "as is", for top dollar, and close whenever you're ready. It is important for you to know that our entire real estate buying philosophy is based on THREE simple words: Sellers must BENEFIT!

You have to feel as if you received a fair deal and were treated with respect during the selling process. Our guarantee is to treat you as if we were buying our own mother's house.


The back of the postcard says:

Dear ***

My name is Chuck and I am interested in buying your property at ****. My wife and I want to purchase another property in your neighborhood and we can offer you TOP DOLLAR because of our approach. So if you are interested in learning how you can sell fast while avoiding the typical costs associated with selling through a real estate agent (commissions, repairs, lowering your price just to find a buyer etc.) then you will want to call me asap.

I am extremely confident we can offer you more than any other buyers and we are extremely easy to work with. I invite you to learn more by calling me at ** before we find another house and can no longer afford to make you an offer on yours.


I have never listed this house for sale. What's going on here? Why do they send these out? What's in it for them?
Jack FFR1846
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Re: Why do these people want to buy my home?

Post by Jack FFR1846 »

My house has a number of acres. For years, I got letters from developers wanting to buy the entire property. Finally, I took one up. He walked the property with me. When he asked my price, I took what I felt was fair and doubled it. After that, I didn't get letters from developers. So an hour of my time stopped the unwanted offers.

Perhaps assess the market and give them your price where you would indeed consider selling. Your price does not have to be market value or even realistic. It's YOUR price where you would consider selling and moving out.
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White Coat Investor
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Re: Why do these people want to buy my home?

Post by White Coat Investor »

These are usually real estate investors looking for people desperate to sell. The offer is usually less than market price, but they can close fast with cash.
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livesoft
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Re: Why do these people want to buy my home?

Post by livesoft »

Pacific wrote:I have never listed this house for sale. What's going on here? Why do they send these out? What's in it for them?
I guess you either don't watch late night TV or haven't stopped on a channel with an infomercial on how to make money in real estate. And you also believe what is written on the post card which most people would not.
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ajcp
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Re: Why do these people want to buy my home?

Post by ajcp »

Although I've always ignored them, I've gotten similar stuff in the mail for my car from dealers. What's in it for them is the same..."TOP DOLLAR" is, in fact, a pretty nice discount. Then they can sell it later for a profit.
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jfn111
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Re: Why do these people want to buy my home?

Post by jfn111 »

The inventory of houses is pretty low right now. Hungry Real Estate people will look for opportunities to find listings. Scouring the tax records for out of state owners is one way to find listings.
tim1999
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Re: Why do these people want to buy my home?

Post by tim1999 »

Yeah this marketing method is pretty much straight out of "Carleton Sheets" type courses for people trying to jump into real estate investing. The sender is likely just a flipper trying to get a bargain from someone who is desperate to sell or isn't fully aware of their home's value. I used to own rental properties and got tons of these types of solicitations during the mid 2000s bubble. These people have never seen your property, they are just doing mass mailings to addresses meeting certain criteria from the public tax records.

If someone truly wanted your specific property for some reason (location, unusual style/architecture, they were assembling neighboring properties for development, etc.), they wouldn't send a postcard but a letter instead.
Bidwell
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Re: Why do these people want to buy my home?

Post by Bidwell »

EmergDoc wrote:These are usually real estate investors looking for people desperate to sell. The offer is usually less than market price, but they can close fast with cash.
+1 Beware of wolves in sheep's clothing......
Colorado13
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Re: Why do these people want to buy my home?

Post by Colorado13 »

The letters/cards sent to my home are from realtors. Homes in my neighborhood are selling in hours, often for over asking price. Some realtors are also going door to door to try to drum up business. I'm sure this is a temporary situation, due to the lack of housing inventory. I would guess that low inventory is not the issue in Phoenix? (However, since it may snow in Denver today, the idea of a home in Phoenix is somewhat appealing even to me....)
Mudpuppy
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Re: Why do these people want to buy my home?

Post by Mudpuppy »

Anything that is cold-mailed to my house with excessive use of ALL-CAP phrases and exclamation points would be promptly filed into the recycle bin. Trust me, they are not looking out for your best interests and they're not looking to buy their next family home. They're looking for people so desperate to sell, that they won't question why they're getting a postcard in the mail instead of a serious inquiry from a real estate agent. If you talk to others on your block, they probably got the same postcard.

At best, it's a marketing tactic used to find people who wouldn't know how to negotiate for their rights in a real estate transaction so the buyer can get properties at a below-market rate. At worst, it's a scam. In either event, toss it and forget about it.
frequentT
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Re: Why do these people want to buy my home?

Post by frequentT »

I receive these letters at least 1x a year for an investment property that I own. When I have time I reply with the following form letter--never received a reply, but at least I give them something to do.........
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Dear Buyer,


I acknowledge your recent enquiry regarding the property described below:

xxxxx
xxx

2 BR, 2 Bathrooms

The condominium is not for sale, nor is any sale contemplated in the near term. The property is rented to a long time stable tenant.

I have no interest in listing with any realtor or broker or engaging in any active selling discussions. I do not have the time, or interest in showing the property.

With these caveats in mind; and given your letter of interest, I would be happy to consider an offer proposal from you or your client. If the offer is attractive, I will be responsive. If the offer is not sufficient, I will not answer.

Thank you for your interest.

Sincerely,
investor1
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Re: Why do these people want to buy my home?

Post by investor1 »

Your response letter says that you are not interested, but to make you an offer. That wouldn't seem to make the unwanted solicitation stop. I would think it would cause more to come. I'm surprised nobody has replied
mrpotatoheadsays
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Re: Why do these people want to buy my home?

Post by mrpotatoheadsays »

Pacific wrote:What's going on here? Why do they send these out? What's in it for them?
They're looking for suckers. Ignore them.
awval999
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Re: Why do these people want to buy my home?

Post by awval999 »

investor1 wrote:Your response letter says that you are not interested, but to make you an offer. That wouldn't seem to make the unwanted solicitation stop. I would think it would cause more to come. I'm surprised nobody has replied
Everyone has a price.
Grt2bOutdoors
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Re: Why do these people want to buy my home?

Post by Grt2bOutdoors »

Write them back - tell them you'd be interested if they meet your minimum bid requirement. Give them an exploding option to buy - an outlandish figure and short time period for which to act quickly (say 48 hours after you mail it to them). You'll find the problem will go away fast :twisted: .
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jlawrence01
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Re: Why do these people want to buy my home?

Post by jlawrence01 »

Pacific wrote:I have a home in Phoenix. About every couple of months or so I get either a postcard or letter from a total stranger claiming that they want to buy my property. The latest postcard says:

We want to buy your property at ****. We can buy your property "as is", for top dollar, and close whenever you're ready. It is important for you to know that our entire real estate buying philosophy is based on THREE simple words: Sellers must BENEFIT!

You have to feel as if you received a fair deal and were treated with respect during the selling process. Our guarantee is to treat you as if we were buying our own mother's house.


extremely easy to work with. I invite you to learn more by calling me at ** before we find another house and can no longer afford to make you an offer on yours.[/b]

I have never listed this house for sale. What's going on here? Why do they send these out? What's in it for them?


It is similar to the "We buy UGLY houses" people.

They offer you a cash purchase that Is 40-50% of the market price. They DO close quickly and you DO get your money.

It is like a CarMax for houses.
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rob
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Re: Why do these people want to buy my home?

Post by rob »

Since the market has picked up we are now getting the letters from individuals on top of the usual flipper/real estate agent spam.... We wanted to live in the area blah blah some background to help sell, like want to get the kids into a great school or grandparents lived in the area blah blah and the feel sorry stuff like we have been outbid on several properties blah blah (which means they don't have enough $$)... some are hand written e.t.c. and most wanting to avoid the real-estate process (which I can sympathize with) but all saying they are not looking for cheap offers (which likely means they are :-) ).
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Andyrunner
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Re: Why do these people want to buy my home?

Post by Andyrunner »

A week after we moved into our new home we recieved a postcard from our realitor.

Picture of our house we just bought with the big words:
We just sold this home in your neighborhood!! We can sell yours!! (not sure if it listed the price, I think it did)
123
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Re: Why do these people want to buy my home?

Post by 123 »

I get email from a lot of women that are very anxious to "hook-up" with me. I wonder how they found out I am so great...
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JonnyDVM
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Re: Why do these people want to buy my home?

Post by JonnyDVM »

jlawrence01 wrote:
Pacific wrote:I have a home in Phoenix. About every couple of months or so I get either a postcard or letter from a total stranger claiming that they want to buy my property. The latest postcard says:

We want to buy your property at ****. We can buy your property "as is", for top dollar, and close whenever you're ready. It is important for you to know that our entire real estate buying philosophy is based on THREE simple words: Sellers must BENEFIT!

You have to feel as if you received a fair deal and were treated with respect during the selling process. Our guarantee is to treat you as if we were buying our own mother's house.


extremely easy to work with. I invite you to learn more by calling me at ** before we find another house and can no longer afford to make you an offer on yours.[/b]

I have never listed this house for sale. What's going on here? Why do they send these out? What's in it for them?


It is similar to the "We buy UGLY houses" people.

They offer you a cash purchase that Is 40-50% of the market price. They DO close quickly and you DO get your money.

It is like a CarMax for houses.
Hmmm, this sounds quite profitable. I presume if the mailings didn't work they wouldn't send them out. How do I get in on this? Owning a rental is probably not nearly as lucrative.
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surfstar
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Re: Why do these people want to buy my home?

Post by surfstar »

Tell them that they must transfer the payment to your Nigerian bank account and ask for their bank information to do so.

:mrgreen:
chameleon
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Re: Why do these people want to buy my home?

Post by chameleon »

I sold my house 6 months ago and was hit with all kinds of real estate spam too. Just ignore all of it. I had agents show up on my doorstep doing door to door soliciting as well. I did my own research and chose the best agent for the job. Any agent worth his/her salt will tell you that the problem isn't with finding a buyer it's finding a _quality_ buyer who won't mess around with terms or play games during escrow.

Beware of people who want to cut out the real estate agent too. I had a couple buyers try and negotiate with me directly and it always smelled fishy. Unless you are very familiar with real estate laws and liability issues it can be risky. I took a look at listing and selling on my own in my state and decided that having a good RE agent on your side was worth it just for peace of mind.

surfstar wrote:Tell them that they must transfer the payment to your Nigerian bank account and ask for their bank information to do so.

:mrgreen:
I know you're joking here but you can get hit with a federal wire and perhaps mail fraud charge even for a harmless joke with someone and it's a felony conviction. They take this stuff really serious.
gouldnm
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Re: Why do these people want to buy my home?

Post by gouldnm »

My sister and her husband bought a house that was close to an Orthodox synagogue. They, themselves, are not Orthodox and couldn't have cared less. They just liked the area (near Devon St. in Chicago if you know Chicago).

Over the years, more and more Orthodox Jews moved into the neighborhood. It was attractive to them because Orthodox Jews don't drive on the Sabbath, so being within walking distance of a synagogue is extremely important.

One man kept knocking on their door begging them to sell their home. They really didn't want to move, and kept saying no. Eventually, they gave in and sold the house for about $100,000 more than it was worth!

The funny thing is that they had never maintained the house and it was falling apart. The family that bought it tore it down and built a new house on the same spot.
Grt2bOutdoors
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Re: Why do these people want to buy my home?

Post by Grt2bOutdoors »

gouldnm wrote:My sister and her husband bought a house that was close to an Orthodox synagogue. They, themselves, are not Orthodox and couldn't have cared less. They just liked the area (near Devon St. in Chicago if you know Chicago).

Over the years, more and more Orthodox Jews moved into the neighborhood. It was attractive to them because Orthodox Jews don't drive on the Sabbath, so being within walking distance of a synagogue is extremely important.

One man kept knocking on their door begging them to sell their home. They really didn't want to move, and kept saying no. Eventually, they gave in and sold the house for about $100,000 more than it was worth!

The funny thing is that they had never maintained the house and it was falling apart. The family that bought it tore it down and built a new house on the same spot.
They sold out cheap, just 100K over market? Try the Midwood section of Brooklyn, the Orthodox did the same thing there in the 80' and '90s, they'd show up to your house unannounced with bags of cash - we'll buy your house on the spot. They just wanted the land, they knocked down the houses and built these tasteful yet colossal homes. Now you can't even get into the neighborhood - they only sell to other Orthodox. And that is not a myth either.
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Dulocracy
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Re: Why do these people want to buy my home?

Post by Dulocracy »

Other than real estate folks buying below the market, there are times when they will buy at market when an expected boom is coming. (New movie studio in a small community like Pinewood Studios coming to Tyrone, Georgia, newly found natural resource in the area, etc.) Heck, you can even think back to the old western movies where people would buy up land (and force farmers off of land) when the railroad was coming through.
I'm not a financial professional. Post is info only & not legal advice. No attorney-client relationship exists with reader. Scrutinize my ideas as if you spoke with a guy at a bar. I may be wrong.
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