We recently found out that some relatives have been majorly taken advantage of because of their bad credit. Basically they need to sell their house soon without spending much on repairs (and there are a lot!) or else they will end up owing even after they sell. We are going to be helping them out of this mess by letting them move in with us, and we are going to cover their losses. We don't make much money, we have two children and want a third, so we can't afford a big loss. The longer it sits on the market (and with the amount of repairs needed it will), the more we will lose to mortgage payments. So, a company like HomeVestors would be great if their offer is high enough and if we don't get hit with fees to close. Anyone used them or a similar company? Please share your experiences good or bad. Thanks so much!
My husband is a contractor and works with investors everyday. He says Homevestors are crooks. Feel free to call him, he knows everybody in the industry and he can get you in touch with some honest people who can help you. His name is Sean ###-###-####.
We did use Home Vestors to sell my father in laws really ugly, outdated house & they gave us right under market for it. It was a straight out purchase, no problems, no leases...I have heard of such dealings. We were very pleased with the whole transaction & got a good deal, esp. considering what it would have cost to bring the house forward to even the late 1980's!!!
D.
I looked at HomeVestors (and some similar ones) when trying to sell a house in AZ a few years ago during a slump.
Basically they didn't want a sale, they wanted a long term lease that they in turn could sublease. If the house sold I basically got nothing, just that they paid my mortgage for me until it sold. They made the mortgage payments and advertised the house for rent. They never rented it and we ended up terminating our contract. I wouldn't use them again, left a very bad taste in my mouth. I'm thankful we didn't sell it, I have a feeling I would have been taken to the cleaners.
DON'T go to Homevestors... they aren't going to "fix" the situation for you, and I can assure you that they won't offer you near what you want even with the repairs factored in.
I am a Realtor that focuses on Short Sales, where the lender takes a loss because sellers can't afford to sell their homes due to hardship. It is not a quick fix either, but it will help them from falling deeper into a bad credit situation and avoid foreclosure. I'll be happy to explain more in detail how this works to you/them if you want to call me to see if they would qualify.
The only other advice I can give you is if you hire another Realtor, make sure they have been trained to handle "short-sales" and past experience. It is a difficult process and must be handled correctly, or the lender will not approve it. Time is of the essence when dealing with these situations as well.
You can email me at ____@____.com or call me at ###-###-####. I'm happy to help or offer any advice that I can! L.
My mom used HomeVestors. They assured her everything was taken care of, made a low, but livable offer, got papers signed.
They totally ignored her calls and left her high and dry. And then allowed her home to foreclose anyways.
While we didn't use homevestors, we did use a "we buy houses" company. This was in 2002. While it was a very stressful situation, we did end up closing and getting released from the house. It did cost us $6k to leave the house (we charged it), but it saved our credit so that we still have excellent credit. I would recommend you call the husband of the other response to get a reputable company that might help you out.
