REAL ESTATE NEWS (Downtown Los Angeles) — An unsolicited bid or unsolicited offer is an offer made by an individual, investors or a company asking to purchase a loft, condo or house for a specified price while the owner is not actively seeking a buyer. They usually come up when a potential investor sees value in the target property. #unsolicitedoffer #cashoffer #homesale
These offers can bring a potentially faster and easier transaction, but usually at a lower selling price than a fully marketed property.
For those who own a home in a popular community like Downtown L.A., prospective buyers could mail a cash offer, even if the owner has no plans to sell. The offers may sound good, but there can be a major downside. Demand for homes has been so high that some buyers don’t wait for houses to go on the market. When a home fits what they’re looking for, the owner gets what is know as an unsolicited offer or cold call offer by card, letter or sometimes even a complete California Realtor Residential Purchase Agreement.
For those who have been receiving offers from strangers who want to buy their home, it might seem initially like a good idea. It’s nice to know that someone is interested, and wants to pay cash for it. But, it might not occur to the homeowner that someone may not pay what the home is worth.
Financial experts urge caution regarding unsolicited offers because these cash offers are typically far below market value.
When they offer you these cash offers, they’re generally at a discount. This kind of cash offer is often going to be somewhere between 70 and 80 percent of what the fair market value would be for a full-market home.
For those who have the cash, and who want to be the cash buyer who makes the big profit, investors and other cash home buyers can get free help placing unsolicited offers – INVESTORS CLICK HERE.
Home owners who are potential future home sellers should remember: a lot of these solicitations are from investors looking to turn a profit. If a seller is not able to make repairs, is in a hurry, is good at negotiating, and does not want to hassle with a long process, then a quick cash offer can make sense. But, most home sellers don’t want to make the cash buyer’s big profitable gain to be at the seller’s expense. Before a homeowner says yes, they should do their due diligence. Compare online value estimates for the property by looking at some professional comps (a list of comparable nearby homes recently sold). Have a real estate office do a free value analysis. Easier yet, any homeowner can get a free online home evaluation at www.HomeEvals.com.
It’s good to know that one’s home is desirable, but the last thing a homeowner wants to do is sell a home and find out that they could have gotten another 50 thousand dollars or more.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.