Receiving unsolicited offers to buy your home can catch you off guard. Plus, they’re not fun to deal with as a homeowner. Most unsolicited offers that call, text, email, or mail you aren’t serious. Legitimate home-buying companies normally don’t blow up homeowners with a barrage of text messages asking if they want to sell. Since you cannot remove yourself from this planet and avoid these real estate market tactics, how can you stop getting these unwanted contacts? Here’s how to deal with unsolicited offers to buy your house and avoid getting overwhelmed or caught off-guard.
Why am I Getting so Many Unsolicited Offers to Buy My House?
The surge in unsolicited offers can be attributed to several market factors. Real estate investors and companies often look for properties they can buy at a lower market value and then flip for a profit. Additionally, if your neighborhood is becoming more desirable, this can attract more interest in your home.
New Neighborhood Growth
For example, if there was a major boom in new businesses and real estate development nearby, you’ll likely be blown up by text messages asking if you want to sell your house fast. Worthwhile places to invest in real estate don’t stay a secret forever. Once the word gets out, you and your neighbors will get plenty of unsolicited postcards from investors saying they’re ready to buy your property.
You’ve Been Added to a List
It’s official – you’re on the list. Sadly, not the list you want to be on. Another common reason why a homeowner starts getting so many unsolicited offers to buy their house is because they’ve been added to a specific list. What list do you speak of?
These are lists of data points, typically found online through county websites or data aggregators. Can you remove yourself from this list? Possibly. But you’ll have to change whatever is it that got you there.
Here are several reasons why you’re receiving unsolicited offers to buy your home after getting added to a list:
- Recently divorced
- Late on property taxes
- House is up for foreclosure
- Dealing with an eviction
- Recently inherited a property in your family
Real estate investors get these lists online. They assume that you – now being on this list – have a stronger reason to sell your home than the next guy (or gal). Instead of doing blanket marketing, some real estate buyers prefer to be more targeted. News flash – you are the target!
Once your name ends up on one of these lists, you will likely receive floods of text messages, phone calls, and letters in the mail. Investors now think you might want to sell and will start making unsolicited offers to you.
People Keep Asking to Buy My House
Another reason that people keep asking to buy your house is the limited housing inventory. Since COVID-19 in 2020, there’s been a housing shortage in many real estate markets. With inventory being more scarce, investors are doing more direct marketing to homeowners like you.
Marketing tactics, such as hanging a bandit sign, are becoming less popular compared to sending a bunch of text messages. Investors don’t want to wait around to get calls back. They want to be proactive and be the ones calling. More homeowners receive unsolicited calls from people asking to buy their house than ever before.
How to Stop People from Calling to Buy Your House
If you’re looking to stop the influx of calls and offers, you have options. First, you can request to be removed from any real estate investment lists. Directly ask those who contact you to stop, pronto! Plus, ask them to remove your information from their databases.
Next, register your phone number on the Do Not Call Registry to reduce telemarketing calls. This will prevent your number from being on many public data aggregation websites. Ideally, this step stops people from calling and texting you to buy your house.
Steps to Take When Getting So Many Unsolicited Offers
1. Evaluate the Offer Seriously
When you receive an unsolicited offer, first determine its seriousness. A genuine buyer will provide detailed terms in their contract. If you receive a willy-nilly postcard with no information on it – it’s likely not a serious offer.
Legitimate offers should include a purchase price, payment method, and closing timeline. If the offer is vague or lacks essential details, it may not be worth your consideration. Serious buyers are upfront and transparent about their intentions and financial capacity.
2. Know Your Home’s Worth
Formulate a good grasp of your property’s market value. Research recent sales of similar homes in your area. Consider factors like location, condition, and market trends. That way, when you get tons of unsolicited offers to buy your house, you know how to handle them.
3. Consider Your Selling Readiness
Are you prepared to move? Be honest with yourself about how ready you are to sell. Ideally, you commit to a real offer when it comes in. Otherwise, you’ll continue to receive a bunch of text messages asking if you want to sell when you aren’t even sure.
4. Respond Appropriately
Respond to every offer, regardless of your interest level. A simple acknowledgment of receipt allows you to tell the buyer how you’re feeling about their offer. If you hate it, tell them. Maybe you want to sell in a few months. By responding to all of their phone calls saying they want to buy your house, you can indicate how you want them to communicate next.
5. Look for Red Flags
Exercise caution and look out for red flags in any unsolicited offer. Offers that demand upfront fees or seem to rush the process without due diligence, like skipping a home inspection, are suspect. Verify how credible these people are who have mailed you dozens of handwritten letters asking you to sell.
6. Negotiate If Interested
If the initial offer is appealing but not perfect, negotiation is your next step. Communicate your needs and expectations clearly to these investors. Don’t shy away from back-and-forth discussions to refine the offer. By approaching unsolicited offers to buy your house with a plan, you can protect yourself. No one likes receiving mountains of postcards or furies of text messages from random real estate investors. Master how to deal with the unsolicited offers to buy your house that are coming in from all angles.