Did you receive a ‘handwritten’ note in the mail recently inviting you to sell your home for cash quickly? Sound too good to be true?
Sadly, some Kingstonians have taken the bait. In the process, they have accepted offers tens of thousands of dollars below the actual value of their home. The company they sold to has then re-sold these homes to investors for their actual market value.
‘Professional home buyers’, as these individuals call themselves, is code for unlicensed real estate salespeople. That type of activity is supposed to be contrary to Ontario’s Real Estate And Business Brokers Act, which was put in place to protect consumers from exactly this kind of behaviour. I have reached out to the Real Estate Council of Ontario (RECO) to ask why they are permitting these unlicensed and exploitive sales to occur.
I understand times are tough. If you have lost income or are worried about your debts, you might be tempted by the cash offer. They have probably told you all kinds of half-truths or outright falsehoods about real estate agents (we’ve seen their site and, no, it does not take six months to sell the vast majority of properties in Kingston), and preyed on some people’s lack of knowledge about real estate. Or perhaps you have had a bad experience with a real estate agent in the past, so this sort of scheme made sense to you.
For anyone considering one of these offers, I am offering you a free, no-obligation assessment of the market value of your home. Our team has experience in all kinds of real estate, from condos to single-family homes to investment properties, and we have worked with everything from brand new properties to fixer-uppers.
That way, if you get an insulting low cash offer, you can make a counteroffer with the fair market value of your property. When they decline your reasonable counteroffer, you will know exactly the kind of people you’re dealing with.
Should you have further questions about the value of your home or these types of shady ‘professional homebuyer’ programs, please contact me or your REALTOR® of choice.
You may also consult RECO’s website for more on REALTOR® ethics and accountability.
-Jordan McGregor