If you or someone you know has 20 years or more equity in your home, please be aware of unscrupulous investors asking to purchase your home with attractive cash offers. You should always get a second opinion on the price of your home if you are thinking of selling. I will look at comparable solds and produce a report (it takes me a couple hours to make the report) to show you what your home could sell for if you listed it with a realtor on the local MLS. It is often much more than what an unsolicited “investor” is offering. Don’t fall for it and make sure your loved ones know this is currently happening in Colorado because of our hot real estate market.
A Division of Real Estate Consumer Advisory: Take 5 to Get Wise and learn how to protect your real estate nest egg.
Colorado residents owning a home for 20 years or more are being targeted for the equity in their property.
An offer may include a cash transaction, a quick sale, no inspection, and the freedom to leave your problems behind.
But before you consider the offer this is what you need to know.
In Colorado’s hot real estate market, homeowners might not know the market value of their property, which is what unscrupulous investors want. Ultimately unscrupulous investors are trying to drive down your property value with misleading and confusing information. They then hope to make a profit by turning around and selling your property at true market value. This can happen to anyone because people who perpetrate fraud are good at what they do, separating you from your money.
Protect your nest egg when considering an offer on your property:
● Go to http://www.dora.colorado.gov/dre to research licensed professionals.
● Go to your local County government website and look up property values for you and your neighbors.
Other tips to protect your nest egg when considering an offer :
● Be wary if you weren’t thinking about selling.
● Always keep someone you trust in the loop.
● Do research on real estate brokers working in your neighborhood.
● Always seek legal advice.
Most importantly, know the value of your property and understand the motivations of why an investor wants to buy your property. By “Taking 5 to Get Wise” you can protect your nest egg.