Beware of CASHNOW777 if you are selling your home

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  #1  
Old 02-19-2021, 10:14 AM
y2kmajor y2kmajor is offline
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Thumbs down Beware of CASHNOW777 if you are selling your home

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.
  #2  
Old 02-19-2021, 04:21 PM
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Well, at least it is not an offer for a reverse mortgage...
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Old 02-19-2021, 05:13 PM
Stu from NYC Stu from NYC is online now
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Great deal for them not necessarily a good one for you
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Old 02-19-2021, 05:21 PM
retiredguy123 retiredguy123 is online now
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Quote:
Originally Posted by y2kmajor View Post
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.
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.
  #5  
Old 02-21-2021, 08:00 AM
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Topspinmo Topspinmo is offline
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Any cash offer quick is rip off. But, some people don’t want to fool with sale, don’t care, or just unloading place that was gave to them and just want cash. I especially like the rip-off , it you’re money spend it when you want to! I want may money now!
  #6  
Old 02-21-2021, 08:02 AM
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Originally Posted by retiredguy123 View Post
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.
Which will offer well below market price. Don’t be fooled it’s lowball offer.
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