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!
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.
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