Selling Your Home

I am going through the process right now. I sold to a cash investor. They don't tell you everything. I don't think they want to scare you away. I close the end of August 2023. After it is all over I will relate my experience. Coming soon.

Update: They backed out. I don't think they ever intended to "buy" the house. I talked to 4 different "cash investors". It seems like the plan was to get me to where they thought I would be willing to let them sell the house. I will get into more detail but for now...it seems like they will take advantage of you. It is their MO. There might be some honest ones out there but the ones I interacted with were shady. 

What I learned is that you should have an agent or an attorney when you deal with these people. In my case, one thing that happened is that they never put up earnest money. I assumed they had to but it doesn't look that way. I am going to look into it but it doesn't appear that they have any obligation to deposit the earnest money. Also, it wasn't worth it financially for me to pay an attorney or an agents commission and that is what they are hoping for. 

I understand. You need to dump it fast or you are out of state when you inherited this property and you just want to be rid of it. You will give up a lot of $$$'s. Just be careful. The ones I dealt with are predators. 

If I were to consider going to a cash investor ever again, God forbid, I would get an attorney to draw up the purchase agreement, make it conditional that they deposit earnest money of 3% and make sure that they agree that money is mine if they back out. Of course, I don't believe that any one that I talked to would ever agree to those terms and good riddance. 

If you decide to go this route, you are a FSBO. That is a For Sale By Owner. What that means is you better know what you are doing because you are on your own - I repeat - YOU ARE ON YOUR OWN...