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You’d be surprised how many people advertise themselves as “cash buyers” while in fact they are not. Not only do they have no cash to buy your property - they don’t ever intend to buy it.
But they said they were cash buyers? Yes, that’s what their game is.
His job is to sign a Contract to purchase your home. He then turns around and offers his Contract to another party for a fee. Wholesaler hopes to make money if and when he finds another buyer who would pay him a fee for his Contract.
That 3rd party must be willing to purchase your home from you in wholesaler’s place and close with cash.
Bad news for wholesaler – he doesn’t make any money.
Even worse news for you - closing of your sale goes up in smoke.
Imagine if your home is in foreclosure. Wholesaler has wasted precious little time you had before the auction in search of a buyer for your home… buy didn’t succeed. You’re likely to lose your home to a foreclosure auction since the sale he promised you won’t close.
Ultimately, a wholesaler is in a business of finding a buyer before he has to close the purchase himself. More time means more opportunity to find buyers.
A Novice trying to buy foreclosure homes is just plain dangerous to you.
For starters, he often doesn’t have the money to close the purchase. He was told to “go out, make offers and sign contracts with owners in foreclosure”. He was told “if the deal is good enough, the money will appear.” Of “if the deal is good enough, the buyers will be fighting to pay him to take the contract off his hands.”
That’s a very dangerous assumption from where you stand, when you are on a tight schedule trying to beat the auction deadline.
Quick funding for foreclosures is usually a result of relationships established by making payments on a number of investor loans and paying them off. At AustinCashBuyer.com we had our reputation and credit lines built over many years. We’ve paid our dues and have relationships with multiple funding sources to purchase your home in matter of days.
Let’s say you signed the contract to sell your home to a Novice. Now he has to pick up a phone, call the foreclosure lawyers, request payoffs and reinstatement figures from them, keep calling and pushing until these things get done quickly, so the sale can close.
The title company will not do it. The lender’s attorneys won’t do it. Truth of the matter is - the Novice just isn’t equipped to handle these fine details and will likely derail the sale for you.
What if he runs into one of those complications we discussed in Title Problems? He wouldn’t even know where to start. He could waste weeks and not get anywhere, while you are in a high risk situation facing the loss of your home.
We’ve seen homeowners lose their properties to a foreclosure auction because they picked the wrong people to sell their homes to… People who just didn’t have enough experience and/or didn’t have the funding to pull it off.
When you are facing foreclosure, you can ill-afford to deal with "pretenders" such as Wholesalers and Novices. They'll likely waste your time and put you at even greater risk than where you already are.
Call the experienced pros at AustinCashBuyer.com and we’ll help you to: