Q: Who are the people or entities behind these radio ads and personal appeals ranging from “We’d love to live in your neighborhood” to the more direct offers
from house flippers or private companies?
I’d chosen wisely and spoke with down-to-earth Jeff Pollock of Trident Equity Group in Redwood City. He explained his company’s viable solution for a short and straightforward home sale vs. the costly, time-consuming process of readying a typical home for
the open market.
"If you give me 10 mil it’s yours,” I said, “house, furniture and I’ll even throw in all my knick knacks!”
He laughed and I admitted I was calling for an interview to acquaint Scoop readers with this off-shoot of the real estate market. We agreed to meet.
I wound up enlightened and impressed.
Q: Will a seller receive the highest possible price selling “as is” to a private party?
Probably not. As well as any special terms of the sale, the “as is” seller must discount what most owners must spend—and endure—prior to a top listing price via realty firms.
There’s always upgrades for landscaping, repairs, inspections, code compliance, permits, staging, etc. You’ve seen termite tenting; probably a home about to go on the market.
I know sellers who’ve paid between $60,000 and $100,000 prior to MLS listings. Years ago, the woman next door to me was so thrilled at the pre-sale rehab, she almost refused to move.
Q: How does a seller get paid by this off-market transaction?
Homeowners sign an agreed upon contract. They
can consult an attorney or other experts, set their
own conditions and time-frame, specify type of payment—cash, annuity, etc.—and the sale goes through escrow like any other real estate transaction.
Q: Who are the entities willing to pay upfront and design a made-to-order “as is” sale?
It’s often a single large investor, company or diverse groups who amass a major part of the financial backing to fund the purchase. They handle the work and worry in a package deal. This type of investment can even be used as an effective diversification for