OpinionColumns

Rapid resellers serve a purpose (for a price)

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

If you own one or more investment houses, you’ve probably been inundated with letters and postcards from would-be buyers asking if you have any interest in selling a property or two. Some are even handwritten -- by machine. They all promise pretty much the same thing: a clean and quick close, no sales commission or extra fees. Some even vow to close within days. And they say they will pay the closing costs. What a deal! But beyond all those promises is a truth no buyer will confess to upfront: they only want to offer you a fraction of what the property is worth on the open market. No real estate agent wants these guys invading their territories. At the same time, they do serve a purpose in that they help clear the market of unattractive properties that most would-be buyers would avoid. What do these investors do? These investors and companies like HomeVestors (of “We Buy Ugly Houses” fame) and Express Homebuyers (which claims to buy houses within seven days) ...