Buying or Selling a Home/Direct sale/no realtor

Advertisement


Question
My mother died in February, leaving a townhouse valued between $55 - 65k. Between mortgage and equity loan, she owes about $30k. After it clears probate in Texas, I plan to sell it. I recently got a letter from an individual investor stating they buy houses for cash, as is. I replied by email that they could make an offer and if it was reasonable, I would consider it. I really figured it was one of those rip-offs we hear of so often where they offer cash to get you interested, but the offer is way below market. That wasn't the case. They have offered me $65k. If I went with it, I would not have to go through closing or pay realtor fees. Is there something I'm missing or should I jump on this deal? Thanks for your time.

Answer
Hi Ed, so sorry to hear about your mom. I also lost my mom in February and I know how hard it is.

Anyway, you really should have a professional appraisal on the property to determine the true value. It's hard to imagine that someone who is in the business of offering cash for homes would pay full value. And you will need to at the very least have an attorney review any contracts they want you to sign. Also find out what closing costs you would be expected to pay.

It's been my experience that anything that sounds too good to be true, usually is. Please proceed with caution.

Buying or Selling a Home

All Answers


Answers by Expert:


Ask Experts

Volunteer


Diann Tonnesen

Expertise

I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.

Experience

With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.

Organizations
Las Vegas Board of Realtors and the National Association of Realtors

Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.

Education/Credentials
college journalism major

Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.

Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:

Las Vegas Real Estate
Las Vegas Condos
Henderson Real Estate
Las Vegas Golf Course Homes

©2016 About.com. All rights reserved.