{"id":18565,"date":"2021-09-20T11:11:00","date_gmt":"2021-09-20T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18565"},"modified":"2021-09-20T09:22:45","modified_gmt":"2021-09-20T16:22:45","slug":"the-most-common-issue-risk-regarding-cash-offers-for-homeowners","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-most-common-issue-risk-regarding-cash-offers-for-homeowners\/","title":{"rendered":"The Most Common Issue &#038; Risk Regarding Cash Offers for Homeowners"},"content":{"rendered":"<p style=\"text-align: justify;\">Homeowners should beware of buyers soliciting them with cash offers, says the president of Right at Home Realty.<\/p>\n<p style=\"text-align: justify;\">\u201cUnfortunately, it\u2019s one of those things where there\u2019s nothing stopping an unlicensed individual from approaching anybody to buy their house, and unfortunately some of these things are quite predatory,\u201d said John Lusink \u201cI\u2019ve gotten those letters in the mail at home too, and they go into the blue bin, but there are some people who are a little more trusting and can get taken advantage of. It\u2019s the unfortunate and sad side of the real estate world, that\u2019s for sure.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s problematic for all-too-trusting homeowners or people in bad situations who need to sell, because they can get taken advantage of. If a realtor does this, there\u2019s a resource\u2014you could go to the regulator and file a complaint.\u201d<\/p>\n<p style=\"text-align: justify;\">It is difficult to ascertain how rampantly cash offers are made\u2014roadside signs are commonplace, so one could deduce they occur with regularity. Such offers, which can sometimes come from companies established solely for the practice, are typically made in hot or overheated real estate markets.<\/p>\n<p style=\"text-align: justify;\">But completing the transaction without the guidance of a realtor could leave the homeowner vulnerable, says Lusink.<\/p>\n<p style=\"text-align: justify;\">\u201cThey won\u2019t be afforded the same protections, but there\u2019s a whole series of things that could go wrong\u2014is there existing financing they have, and is the money they\u2019re being paid enough to take care of that?\u201d<\/p>\n<p style=\"text-align: justify;\">Cash offers might appear anodyne\u2014and there\u2019s no doubt that some are made fairly and in good faith\u2014but the most common issue is the homeowner won\u2019t know the exact market value of their home if they forgo the services of a realtor.<\/p>\n<p style=\"text-align: justify;\">\u201cA lot of it is a hustle. A lot of that stuff in the mail I get at some of the properties I own; some are just realtors trying to poach business, saying they have a buyer lined up when they actually don\u2019t\u2014they just want to have a conversation with you to see if you\u2019re interested in selling,\u201d said Steve Saretsky, a realtor with Oakwyn Realty. \u201cBoth sides could save on the commission but there\u2019s a reason buyers go through the whole process with realtors, and that\u2019s to get a good price. You have to factor in not getting representation, and you\u2019re probably not going to get a better price than if you expose it to the market on the MLS, because if you have a broad audience you will get more exposure and it will lead to a higher price.<\/p>\n<p style=\"text-align: justify;\">\u201cBut the price could be offset by the commission you save. If they can offer a cash deal with no subject conditions and they can close in four weeks, that might be advantageous to you. Nine times out of 10 it\u2019s not. It typically benefits the people looking for the deal.\u201d<\/p>\n<p style=\"text-align: justify;\">Ultimately, says Saretsky, it\u2019s incumbent upon the seller to do their due diligence, which might be easier said than done.<\/p>\n<p style=\"text-align: justify;\">\u201cThe biggest thing you look out for is price,\u201d he said. \u201cHow do you know what your place is worth? They\u2019re sending you the letter, which means they probably know the market really well, and if they\u2019re executing a sale with you, they probably want a price that\u2019s a little bit below market. Sometimes, as an agent, I can go into a property and not know the price. It\u2019s a strange, hot market right now, so you don\u2019t know unless you test the market sometimes.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/are-cash-offers-for-your-home-risky-334825.aspx\" target=\"_blank\" rel=\"noopener\">Are Cash Offers for Your Home Risky?<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homeowners should beware of buyers soliciting them with cash offers, says the president of Right at Home Realty. \u201cUnfortunately, it\u2019s one of those things where there\u2019s nothing stopping an unlicensed &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-most-common-issue-risk-regarding-cash-offers-for-homeowners\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-18565","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Most Common Issue &amp; 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