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Are they illegal? Do you get fined?
They are everywhere around here, as long as it’s not posted on public property or where solicitation is not allowed I do not think there is anything illegal about it. They do buy homes, but they are only willing to pay like 1/2 of what the house is worth.
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Monday, September 28th, 2009 at 9:54 am
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January 3rd, 2007 at 8:58 am
that depends on the township you live in, they decide what advertising is legal or illegal.
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January 3rd, 2007 at 8:59 am
They are legal companies performing that function. The legality of the signs depends on local sign ordinances.
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January 3rd, 2007 at 9:07 am
They are everywhere around here, as long as it’s not posted on public property or where solicitation is not allowed I do not think there is anything illegal about it. They do buy homes, but they are only willing to pay like 1/2 of what the house is worth.
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January 3rd, 2007 at 10:13 am
I don’t think there is anything illegal about posting the signs per se, nor is there anything illegal about them purchasing homes. They take advantage of uninformed people — the way these companies make money is by purchasing the house for less than what it is actually worth, and then reselling it for much more than they paid. If someone needs to sell their house so badly, the best thing to do is sell it "For Sale By Owner" or to hire a realtor and pay the sales commission. I would avoid those "We Buy Homes" companies at all costs.
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January 3rd, 2007 at 11:21 am
Those signs are geared towards home owners in foreclosure who wants a "quick sale," and wants to get some equity out rather than losing the home in the auction.
The folks behind these signs are looking to buy at a discount and they can come up with all the reason for paying less than the acutual fair market value… Some of their reasons include " the house needs repairs" "We can close quickly"
In terms on legality… most can deliver and execute a sale quickly… but the legality of sign placement depends on local ordinances.
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January 3rd, 2007 at 11:21 am
I agree with Kerry77. There is ALWAYS a catch to these places; unfortunately, they ARE legal, which is where the phrase "Let the buyer beware" comes in. If you want to make your money back on a home at all, go with a realtor, but a reputable one, not just any slick salesman who comes along.
With For Sale by Owner, you will not get as much as if you listed with a realtor. One, buyers know you don’t have a commission to pay and will automatically low-ball you on offers. Secondly, you have nothing at all to lose with using a REPUTABLE realtor (notice the word, reputable). They pay out of their own pocket for tons of advertising, showing, open houses, pre-qualifying buyers so you don’t have someone looking at your house who could never buy it even if they wanted to. And, if the house doesn’t sell within the time allotted, you pay no commission (at least in my state), but you still got all that free exposure.
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I’m one of the REPUTABLE real estate agents! =) and no, that’s not an oxymoron….