Posted on 01/12/2019 1:45:14 PM PST by SteveH
They are established home flippers who have a guaranteed line of credit. It’s cash to you. Not for them. They buy your home, slap some paint on it, and sell it for a profit. They pay off that line, and roll it.
No one has mentioned money laundering. That’s the first thing we think of around here when people go cash-only: crime.
Flippers.
They’re real estate wholesalers.
Basically, they sign a contract with you to purchase your home within 30 days. They then shop the contract to real buyers - typically real estate investors. An ‘assignment’ clause in the contract allows them to do this.
There’s a skill set involved with the business, and good wholesalers can make a very good living.
WeBuyUglyHouses.com ?
see it worked!! look in the mirror for the moron... oops u made me use!! darn it
me r sorry u r so retartefied
me hope u find job sumday
maybe dig ditchs or clean poop n zoo
you see its kinda like a comprehension test
amazingly u passed
u might want to work on your spelling tho
Some people have lines of credit on their existing homes or stock portfolios. It is really short hand for there is no contingency in this offer for the buyer to get financing. They usually mortgage the property after closing or flip it.
“We Buy Ugly Houses For Cash” and other similar titles are all the same scam - they make money by shorting the seller, by delaying he sale until the buyer gets desperate and offer less money than the home is worth - there are a dozen variations of the same idea. China is not involved - grifters are.
I thought an exclamation mark might be nicer than a capital bone (I), but maybe it wasn’t clear enough.
DO ALL CAPS MAKE ME A MANS MAN LOL
Same in Queens where my friend’s mom has lived for 60+ years. All Chinese asking to buy and pay double the value with cash.
r/iamverysmart
this is all i really needed to send to you
This thing you’ve described is a common practice I’ve seen done. It’s not something that I would do, it’s morally wrong.
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