BEWARE OF INVESTORS TRYING TO BUY YOUR HOME – You could be held hostage

But… BEWARE.  There are known repeat offender investors/investor companies who are tying up homes with investor-biased contracts, claiming to close in 30 days or less, who are holding homeowners’ homes hostage.

One recent Tampa homeowner had this experience:

• Homeowner entered into one contract with investor company, thinking they would save money in commissions and have a quick & easy sale with no repairs needed.
• The homeowner interpreted the non-standard contract to say that the investor/buyer would close in approx. 30 days – and then it didn’t happen.
• Not only did the sale not happen, but the investor contract had special language in the contract that allowed the investor’s agents to list the property for sale at a higher price than the seller was receiving – flipping the property at a profit of roughly $30-40K if sold at list price.
• The contract also allowed for the investor to delay the closing for months while they tried to make that profit.
• The seller had to hire an attorney to represent them, at a cost of thousands of dollars, and was eventually released from the contract approximately 4 months after entering into it.
• In the end, this homeowner closed over 5 months after signing the investor contract, with a completely different buyer, in a market where most homes sell in 30 days of executing a  contract.

Don’t let this be you.  The lessons to take from this story:

1. Work with a reputable real estate agent
2. If you decide not to hire a reputable, experienced Realtor (which could expose you to numerous legal risks), consult with an attorney before signing any contract for purchase on your home.  The heartache and financial impact could be devastating to you and your family.

For a real estate attorney recommendation or to discuss the potential sale of your home, Send an Email, call us, or simply click the Chat box on our website.