Greg's Corner

Why you shouldn’t sell a home to house flippers

By Greg Collier

Have you ever seen a billboard that advertises a company that will buy any home? Many of those advertisements belong to one company who has over 1000 franchises in the US. You may have even had to use their services. For example, say a family member passed on, and their house was left to you. The house had already fallen into a state of disrepair, and would cost too much money before you could even consider selling it. That’s where these house flipping companies come in. They promise to make the selling process quick and easy while paying you a fair price. However, the company might believe that promises were made to be broken.

According to a recent report from ProPublica, the biggest of these house flipping companies has allegedly engaged in some shady business practices. ProPublica says that this company operates under the secret mantra of ‘find the pain’. The company accused of taking advantage of homeowners who may be suffering from mental declines, among other underhanded tactics to get homeowners to sign on the dotted line. And when some homeowners have changed their mind about the sale, they get sued by the company. While the company is not an outright scam, you may want to explore other options when trying to sell a home quickly.

When selling such a property, be realistic about the value of your home. Price it too high, and you might turn off potential buyers. Price it too low, and you might not get the full value of the property. Consider getting a professional appraisal or consulting a real estate agent to determine the appropriate price.

Also, consider being flexible with the closing date or accepting offers with contingencies, such as a home inspection or appraisal. This can make the sale process smoother and increase the likelihood of a quick sale.