Warning for Home Sellers About Wholesalers

Video Transcription

Hi. I’m Ben Souchek with Home Downsizing Solutions by The Sierra Group.

Are you currently thinking about selling your house and transitioning to a new property? The one thing that, especially in the current market, that I want make you aware of is a warning about wholesalers.

Wholesaling is a term in creative real estate that basically teaches individuals, tends to be beginner investors, about how to go out and get a contract to buy a house without really any intention or ability to close on that contract.

And so the term wholesaling is essentially getting a contract to buy a house from a seller, and then finding a buyer, a real buyer, that can actually close on that contract with the wholesaler making a profit above that contract price.

The thing that I really want to make you, if you are a home owner thinking of selling, is that if you are counting on a person to actually perform and close on the purchase and sale of your house, I know that after 20 years you have a lot riding on that person or company that you’re expecting to purchase your house. There are a lot of items to go into account from moving from your house and making that transition into a new home. And so the last thing you do or want, is to have surprises or someone not being able to perform like they told you to.

Typically the way wholesaling works and that the industry teaches a person go out and wholesale a house is that they do represent themselves, or typically represent themselves, as someone or a company that can buy houses.

But as I said, in these situations what they will tend to do is want to have a open house for your house, or have contractors or other people walk through the house.

Sometimes there is a valid reason why a homebuyer would want a contractor to walk through a house. But in wholesalers cases, they typically use the verbiage as an excuse to get someone into your house.  What the process then, once they’ve gone through your house, then the person that is the real buyer will close on the agreement and the wholesaler doesn’t. They just make that connection.

So if you are looking at selling your property, especially if you’re downsizing which requires special needs as well that we’re very adept at handling, be careful of who you’re dealing with, which companies or people that you’re dealing with in selling your house too.

In our case, we are real buyers. We close on the transactions, on the purchase agreements that we write or agree to. We have funding available so that you know that we can close on the transaction or on the purchase and sale.

And typically the only thing that we are waiting for after we’ve signed the purchase agreement is the title company to check title and prepare the final closing documents.

So one other way that you can see if you’re working with a real buyer or not is if they can close quickly in a matter of a few days, not several weeks. That will help you as well.

For additional information I’d be happy to discuss what we can do for you at Home Downsizing Solutions dot com. That’s Home Downsizing Solutions dot com. Or call toll-free, 855-291-5005. 855-291-5005. If we can be of assistance to you, please let us know.

Thank you very much.

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