The real estate market is hot right now. Interest rates are low, and investors and everyone else is clamoring to buy real estate – but what if you’re not ready to sell and someone approaches you with an offer? Is it legit, and what should you do? This guide explains.
What Should You Do if You Get an Unsolicited Offer on Your Home?
When your house isn’t on the market and someone offers to buy it, it’s surprising – and you may feel a little odd about it. Anyone would! But what should you do if someone calls you, sends you a text, puts a note on your door or in your mailbox, or otherwise approaches you about selling? Most often, these offers come from investors who want to make money by flipping your home – but sometimes, they’re from people who simply haven’t found their dream home on the market.
First, if you’re not willing to sell and aren’t even entertaining the idea, just ignore these types of requests. You aren’t under any obligation to respond – and doing so, particularly with a tenacious investor, can make the person on the other end feel like you’re willing to communicate or that you want to negotiate.
Related: How to interpret creative words (like “cozy”) in real estate listing descriptions
The Scoop on Some Investors
While some investors want to buy a property, fix it up and sell it at a profit, others aren’t so invested (literally). Sometimes called “wholesalers” in the real estate industry, they want to scoop up a house and put it on the market before they even close in hopes of selling it for its fair market value.
Often, the offers these investors make are very low when compared to the home’s actual market value. Many people have reported being offered as little as 70 percent of a home’s value, which means that if they were to sell to one of these investors, they’d be leaving cash (a lot of cash) on the table.
It’s rare for these types of investors to offer fair market value for the property, so the first thing you should do if you receive such an offer is call an Aspen REALTOR® and ask for a free property valuation. The agent you talk to will tell you what buyers would be willing to pay for your home if you listed it for sale right now. That way, if you’re considering responding to an investor who’s left a note or called you, you’ll know what your house is really worth – and you can shut them down on the spot if they offer you any less.
Related: What fixtures stay behind when you move?
Is it Ever Smart to Sell for Below Market Value?
It’s not usually a good idea to sell your house below market value unless you want out – and you want out fast. If your home is on the verge of falling down and repairs would cost you more than you could make on a sale, then it might be a good idea; otherwise, you should work with a real estate agent if you want to sell.
Are You Selling or Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
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