Someone wants to buy our property!

terryinmdApril 29, 2009

The thing is, it's not on the market. It's our vacation home, and the plan is that we will retire there.

We got a postcard from someone today telling us he wanted to buy our property, and asking us to call if we were serious about wanting to sell. I googled him, and he comes up as a phone book address, not a business.

There must be hundreds of properties around Lake Gaston that are for sale. Why would someone go after one that isn't?

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My only guess is that they were cruising around looking at the ones that are for sale and noticed yours.

    Bookmark   April 29, 2009 at 5:02PM
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Odds are the card was from an investor canvassing a targeted neighborhood. Typically, they offer 40%-60% of FMV. They pay either with their own cash or an existing credit line. I'd be very surprised if the card was from a potential end-user. Check with your neighbors. They might have received the same card? Odds are good they've already paid a visit to your county/town record offices & know your approximate mortgage amount. There are as many reasons for what houses they choose as there are investors. They'll do very minor changes to the property & have it back on the market in 30-days. Or, in these times, I suppose they could be thinking a more long-term hold but that's not characteristic of this type of investor. I've given lines of credit to dozens of these investors. Typically, their loan agreement requires them to provide the lender with a first mortgage within 15-30 days of purchase. Sometimes, they sell before the bank can even record a lien. Other times, they get stuck & can't move a property. These guys are real pros though & rarely make a mistake. They are bottom feeders. Send out 200-300 cards & you're likely to hit somebody with equity needing to just get out of a property & doesn't have time for traditional marketing procedures.


    Bookmark   April 29, 2009 at 5:23PM
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It sounds like someone is fishing (no pun intended on the lake house)for something. Just the fact that he is using a post card tells me that he's sending out alot of these. (cheaper postage). Someone generally interested in just your property would probably send a letter. They arent prepared with postcards. I would call from a blocked number and see what he is all about. (IF YOU ARE interested in selling). If not, ignore it.

    Bookmark   April 30, 2009 at 7:17AM
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Yes it makes sense that it's an investor. There are currently 2 houses being built on our road, so possibly one of the builders saw our place. We are one of 3 lots with our own dock, the rest share a community dock. I'll ask our "mayor" (currently the only fulltime resident) if he knows the name, or if others have gotten postcards. I may keep the card for awhile, just to see if the man contacts us again. At that point I'd call just to ask him not to contact us.

    Bookmark   April 30, 2009 at 9:54AM
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