I see the signs all the time to “buy houses for cash”". So I assume it’s another agent, but aren’t many of these soon to be foreclosures upside down (thus the reason the original owner is going into foreclosure?
Isn’t the only way to make money on that is to let the bank buy it at sheriff auction and wait for them to list it?
I don’t see how you can negotiate a good deal without it eventually going to the bank through a sheriff sale.
DD,
Those signs are usally posed by wholesalers.
Search wholesaling in the search feature for more info.
The situation can vary as to why it’s being sold so cheap.
Call the number on the sign and take a look at the house and see for yourself.
Also, ask the wholesaler, he’ll usually tell you why it’s such a good deal.
But verify all ARV and rehab numbers as wholesaler use a different price list and ARV formula then investor/buyers.
pete
The “We buy cheap houses for cash” are usually wholesalers that are fishing for a good deal. They put a below market offer on a home and then turn around and sell it to their buyers for a profit. These are often pre-foreclosures or other motivated sellers. It is rare that wholesalers will be involved in short sales since they are slow and banks hate complications like double closes.
Another group that uses those signs are rehabbers. They are looking for run down, abandoned or discounted properties that they can buy for cash, fix up and resell for a profit.
There is nothing to lose by giving these people a call and seeing what they have available as long as you are willing and able to do your own due diligence to make sure you are getting a fair deal.