Quote:
Originally Posted by y2kmajor
This is based on my own personal experience. They will send you a Purchase Agreement (via DocuSign) with $100 DOLLARS earnest money to be deposited with 30 days and wants 190 days days to close.
What this means is they would have no skin in the game while to try to find a buyer and can close without any out-of-pocket monies.
In my case, they offered me a NET amount at closing ON THE PHONE but the Purchase Agreement they sent me showed it as the PURCHASE PRICE which means that commissions and any closing costs would be deducted at closing.
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Totally different from what their website says. They claim that there are is no commission, and that they will close in about 7 days. What you described sounds like they want you to give them a six month listing agreement so they can find a buyer and collect a commission from you. That is what a real estate broker does.
I do know that there are some legitimate companies who are operating in parts of the country where they will actually buy your house and save you the hassle of selling it through an agent. A good option for some people. Clark Howard (clark.com) has an interesting article on them.