Question:
“We may sell our house to a flipper who contacted us…”
Answer:
Be careful! A cautionary note about home flippers, aka investors who buy, fix, and resell homes…
I deal with them regularly, and many follow a strategy of:
- Make a “cash” offer, often sight unseen.
- Get the offer accepted, “tying up” the home.
- Take 1-2 weeks to decide if they actually want the home.
- If so, try to renegotiate the price down.
- Get a loan because they don’t actually have cash available.
- Then either close, or sell the right to buy it to another buyer.
Not all flippers follow this questionable (at best) model, and some only follow part of it. Fortunately, I deal with a few good, ethical flippers who tend to perform as promised.
But since you don’t know who the honest ones are, I’d advise you to be very, very careful.
