If you haven't noticed lately we've had an emerging market here in San Diego the past few years. There are investors who’ve been taking advantage of this, that's why you're seeing a lot of flippers buying homes at cheap prices. Run down homes and then fixing them up putting them back on the La Mesa market and making a profit.
That's all well and good and I'm all for investors making money but what I'm seeing lately in my community of La Mesa I believe that some investors are taking advantage of and preying on the elderly Community here in La Mesa. Reason I say this is because being in La Mesa real estate I know that there are flippers out there who are sending out flyers, mailing flyers to homes in La Mesa neighborhoods using targeted demographics. These demographics include older homes, La Mesa homes that haven't changed hands in years, and you can also search by age of occupant. You can also look for La Mesa homes that have been in Probate, or if a spouse has passed away.
the 6 steps I use to sell a La Mesa home:
In a specific instance, I was told by a friend of mine a story about an elderly gentleman here in La Mesa whose wife passed away, and he was going to be leaving the home to sell it. He contacted a La Mesa Realtor but didn't follow through with the interview with that Realtor to find out what the property is worth, or what he could’ve gotten for it. He was then contacted by a flipper and told that his home is worth thousands and thousands of dollars less than what a Realtor would have told him that La Mesa property is worth on the open market. Even AFTER professional fees. He ended up privately transferring to the flippers. Meanwhile, his son was not very happy with that. That is just an example of how some of these investors are just taking advantage of some people. They're probably giving them false information and pressuring them into quick sale and then closing it very quickly.
Folks, use the free advice of a real estate agent, your local real estate agent to find out how much your home is worth. I'm sure you've all seen those yellow signs next to the freeway entrances that say ‘we buy homes for cash’ etc... ‘We buy homes at any price any condition’. Those are the flippers. They want you to call them and they're going to talk you into selling your home. They're going to tell you that it's too run down or it's too outdated and you're not going to get any money for it On the Open Market.
Well, that couldn’t be further from the truth. ANYTHING can be sold on the open market. Why not put it on the market and create some competition and see who buys it? The end use of a rundown outdated home is maybe for investor to purchase it, but at least let them jockey for position to get in there and buy it. Let the Realtor do their job and bid people up and sell it for as much as you can squeeze out of it. Don't let investors and flippers take advantage of you. They are all professionals at convincing you that THEIR price is going to be the best price. Don’t fall for it. Talk to a professional.