You may be sitting in your lounge one day and, out of the blue, you suddenly receive an offer on your home via telephone or text. There’s one hitch — you don’t have property for sale. So why do you keep getting calls about selling your house?
Investors are always looking for opportunities to buy off-market houses, especially when the housing market fluctuates to favor sellers. If you’re you’re interested in selling, it’s worth knowing that some of these offers could be legitimate.
An unsolicited offer may come with enticements, like fast cash, but these offers are often lower than your home’s value.
Someone Called Wanting to Buy My House
Offers on your home might not be every day, but if you live in a desirable neighborhood with low inventory, you may receive letters or calls offering cash for your house. Of course, calls about selling your home might make you suspicious. You may wonder whether the offer is legitimate, who is on the other end of the phone and how they got your contact details.
If an investor is specifically interested in your home or neighborhood, it’s easy for them to get hold of your contact details. It’s also common practice to buy databases of people who live in an area of particular interest from organizations already possessing this information.
If an offer piques your interest, how do you tell if these calls about selling your house are legitimate? Fraud is rising, costing people 70% more in 2021 than the previous year. Scam callers are real, but so are buyers with genuine interest. Understanding these offers could save you money and heartache down the line.
I Get Calls Asking to Buy My House, But I Don’t Want to Sell
If you aren’t interested in selling your home, the unsolicited offers are just a waste of time. There is no fool-proof way to stop interested parties from contacting you, but you can reduce it by adding your name to the Do Not Call Registry, blocking the numbers that text you and removing your information from most mailing lists.
Express to the callers that you’re not interested in selling, as this might be enough to stop unwanted calls.
How Do I Identify If the Call Is a Scam?
Many calls or unsolicited texts to buy houses could be legitimate. However, there are scammers, and it’s best to verify all offers and protect yourself from loss. Don’t simply write it off when you’ve received a call or letter that seems either too good to be true or entirely unwarranted. Take the time to do your due diligence and determine if it’s a scam or a great opportunity.
Take the following steps to verify the offer and protect yourself:
- Confirm they are licensed: There is a reason for strict real-estate regulations, and real estate agents are subject to licensing and certification procedures. The first step is to ask for the caller’s license so you can verify it.
- Conduct research: Evaluate whether the person or entity wanting to buy your home is professional and ethical. Google their business, contact information and how long they’ve been in business.
- Get a second opinion: Unsolicited callers often offer a lower price on your home than you could get elsewhere. Use a home sale calculator to compare the offer with your home’s market value.
- Ask questions: Determine whether the buyer plans to visit your home in person. Without an on-site visit, no one can make an accurate offer. A common scam technique is making an initial offer over the phone, then marking it down after making an in-person visit or having a formal inspection later in the process.
- Query their processes: How will you pay? They may offer cash upfront, which could be beneficial. Consider other questions like, will they hand you a check? Do they already have funding secured? How long will the transaction take? Most importantly, when will you get paid?
- Look for reviews: If the potential buyer is an investor or real estate agent, you should be able to find some reviews on them to get an idea of other sellers’ experiences.
- Watch out for administration fees: Asking for an administration fee is an immediate red flag. No legitimate buyer will request money from you upfront.
If It Isn’t a Scam, Who are the People Calling to Buy My House?
Having a better idea of who these people are could help determine if the offer is a scam. In general, calls asking to buy your house come from one of the following groups:
Investors
Real estate is an excellent investment, and investors are in on the game. They have taken a large chunk of the market already, and many have different aims when it comes to home ownership. Some common types of property investment include:
- Buy-and-hold: Buy-and-hold investors look at your home as a long-term investment. They purchase properties and hold on to them until the market presents them with the perfect selling climate. These investors often rent properties out until they’re ready to sell.
- Wholesale: These investors benefit by buying and selling properties quickly. They often purchase bulk and don’t invest much capital in home repairs or renovations. For this investment model to work, they must buy properties at low prices and sell them high. Wholesale investors aren’t likely to give you the best cash value for your home.
- House flipping: House flippers have a more long-term plan in mind. They purchase homes, renovate them and sell them for a profit. House flippers could be an option if your home requires extensive renovations and you aren’t interested in completing them.
Real-Estate Agents
If a real estate agent contacts you, you may be able to secure a good deal on your home. Potential home buyers often partner with real estate agents to find the perfect home. It makes financial sense for them to send unsolicited offers in search of an off-market deal, as they aren’t facing competition from other potential buyers.
Why Sell Your House After an Unsolicited Offer?
After you’ve confirmed the buyer is on the up and up, you may consider selling. After all, even if your house wasn’t on the market, it may be a good time to sell. Your home might even be worth more than you realize!
Case in point: A cash offer may provide a solution if you inherited your home and don’t need it but haven’t had time to go through the selling process.
Or maybe you’ve always wanted to move closer to your dream location but felt tied down by your home. An unsolicited offer on your home could open the door to a new chapter in your life.
If you sell to the right buyer, you can avoid losing money to fees and realtor commissions. You may even be able to sell the home as-is, saving money and time on repairs and upgrades.
Remember, the initial offer is not the final one. If you do your research and work with a reputable investor, an unsolicited offer can put you in a strong position. While it’s important to be cautious and avoid scams, unsolicited offers may open doors you never considered. Sometimes, the offer price may be less than the market value. But selling as-is — and saving on fees and commissions — can make up the difference.
If an unsolicited call has made you consider selling your home, don’t rush into anything. There are options out there offering the same perks without confusion.
Contact HomeGo for a Reliable Cash Offer on Your Home
For a fast cash offer you can trust, consider selling to HomeGo. We purchase homes in as-is condition using our funding, so you never have to worry about repairs, upgrades or your deal not going through. Our experienced team of professionals will provide you with a fair and reasonable cash offer on your home.
All of our agents are licensed local market experts, and we will never collect a commission, fees, or expenses. If you’re ready to see what your home is worth. Selling your home can be exciting, as we want to ensure everything is as smooth and positive as possible. Feel free to contact us today for a transparent, hassle-free offer.
