Q: I don't know if I'm being taken advantage of by a real estate broker. Can you please go over the details of my pre-deal?
I want to sell and I reached out to a friend in real estate who wants to buy my house for cash tomorrow. The online real estate agencies such as Zillow rate my house between 3:55 and 4:10. This guy wants to flip the house so he's deducting all the things that he says he has to repair from the worth of the house His number is 335. He says if I waste my time going through a traditional avenue I'd end up with 335 anyways. What is my best deal? Also looking at the comps for the last 6 months homes half my size are going for more than 335. I live on a corner lot for 15,000 ft² yard 1,880 ft², houses smaller than mine with no yard and no pool are going for more money. He says my house is dilapidated and completely run down and that nobody would ever want to move into it the way it is now. I don't know who to trust
A: Lots to analyze here from a business decision standpoint relative to determining value but it appears the broker/investor is looking to make money for the costs and effort related to addressing the deferred maintenance. So lots of factors to consider in seeing what is best option for you. The broker sees the opportunity to make money on this so the question appears to be whether immediate likely lesser amount of cash is a priority or possible higher cash return that may be able to be reached later should you consider addressing some of the alleged deferred maintenance. You indicated you wanted to sell so this may be the former more than the latter.
I would suggest meeting with a local Real Estate/Business Attorney to look over the deal particulars very closely as they will be able to help you weigh the deal based on your current situation and give you a trusted advocate to help protect your interests in whatever business decision you decide.
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