You would think it would be pretty straight forward. When someone says they will buy your home as is and you agree, that should be it. Right? Unfortunately, we see more and more people being taken advantage of by companies and individuals that ultimately either don’t have the knowledge, experience or funds needed to buy your home as is.
We recently came across a situation where the owner had contacted us and some other companies to look at their home. The other investor made a lot of promises that on the surface looked and sounded good. But like the old saying is true, “if it sounds to good to be true”, it usually is. In this case, the buyer really could not afford to buy the home and kept stalling, ignoring the seller’s phone calls and texts.
The buyer was also attempting to buy the home “Subject to”. What that means is that you deed over your home to the buyer but the loan stays in your name with you still on the mortgage. The real problem with that is if the buyer decided they cannot bring your home current on the mortgage or they end up getting behind again, they can walk away and there is nothing you can really do because you deeded over the home.
The real take away is that after a couple of months of dealing with this, the sellers realized that they were about to get foreclosed on. We stepped back in and closed in 5 days just like originally promised. During all the waiting, the mortgage payoff went up and some more repairs came up too but we still worked it out. They even got to stay in the house for a couple of months for free after we closed and they got their money.
If you are looking for a straight all cash offer for your home in as is shape, don’t worry and give us a call. We are here to help and provide solutions that work.