Severn, MD asked in Elder Law and Real Estate Law for Maryland

Q: Query regarding seller protections, sale of home to "investors" like MarketPro, Open Door, Express Home Buyers, et al.

Maryland senior citizen hoping to receive some expert information regarding the regulations concerning such entities as MarketPro, as such a transaction may provide an escape route in my current dilemma that traditional realtors seem unable to offer. I have done some preliminary research, but have thus far been unable to find a reliable source of unbiased guidance. What I want to know is this: they advertise no closing costs (which I understand are already included in the reduction-from-market-value that reflects their offers), but they also advertise no realtor involvement. What protections does the seller have, without realtor or legal representation (the cost of the latter of which would likely nullify the savings from no realtor commission)? I know that they are not required to be licensed realtors in MD; I can read a contract or a statute, but have no expertise in real estate law, and don't know whom else to ask. Thank you for any enlightenment you can offer!

Related Topics:
1 Lawyer Answer
Thomas C. Valkenet
Thomas C. Valkenet
  • Baltimore, MD
  • Licensed in Maryland

A: Without a professional (lawyer or broker), you have very little protections. This type of entity preys on distressed sellers to scrape as much of the equity as is possible. They often ignore the consumer protection that is built into existing statutes and local ordinances by treating yours as a commercial transaction, when it is really the sale of your residential property. When foregoing the use of a professional, it is often better to use an auction house, where the buyer pays the "bid premium," and there is also no commission paid by seller.

Good luck.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.