Investors Target Seniors & Others, Buying Homes Below Their True Value

As a long-time Realtor serving the Denver metro area, I am committed to protecting homeowners and especially seniors from being cheated out of their home’s true worth by investors who offer to buy homes for cash without putting them on the market.

Unsolicited offers in the mail or by phone should be a red flag for you. These people know what they are doing and depend on you not knowing the true value of your home.

I want to uncover people who seek to cheat you. If you get such a solicitation, call me at 303-525-1851, and I’ll tell you what you’re home is really worth. Keep in mind that investors will only make an offer that leaves room to make a big profit — at your expense.

It’s easy for any investor to go online and identify homeowners who purchased their home 30 or 40 years ago for a fraction of what it’s worth now.  It’s a sure bet that such an owner is a senior and would be impressed by a cash offer of, say, $300,000. But how will you feel a month later when that investor sells your home for $100,000 more without making any significant improvements to it? You’d feel “ripped off” — and rightly so.  Don’t let this happen to you!

You may not even want to sell your home, but the offer of a quick $300,000 could lure you into a sale which you would only regret later.

Seniors in particular can’t afford to be cheated out of their home’s equity. The money they receive needs to last through their remaining lifetime. As a senior myself, I make those same calculations about how much money I need to support Rita and me for as long as we both live.

Don’t feel that you’re imposing on me to ask for my advice, which I give free over the phone. Using my computer, I can tell you within a few minutes whether an unsolicited offer you receive is close to what your home is really worth. My computer is always on, and unless I’m away from it when you call, I can enter your address in two different programs and tell you during the same phone call what those programs say your home is worth.  If you actually do want to sell, I can refine those valuations by looking at your home’s condition and location and studying the sales of comparable homes in your immediate neighborhood. With my years of experience, this is easy for me, so please feel free to ask!

I promise that I won’t ask you to list your home with me. You’d have to raise that subject. I just want to save you from being cheated or scammed. 

In my 18 years of practicing real estate in the metro area, I have come across many scams perpetrated against homeowners of all ages, but especially against seniors.

For example, I remember how one caregiver in Lakewood convinced her elderly client with dementia to add her name to his checking account and to the title of his car and even made her a co-owner of his home. When he passed, this man’s relatives couldn’t do anything about it because all those acts were ruled legal despite the man’s dementia. That “caregiver” drained his checking account, sold the house after his death, and his relatives didn’t get a dime.

If you’re a senior, beware of people who befriend and pretend to love you. They may have ulterior motives. If you are not a senior but have a relative who is elderly and lives alone, keep in touch with him or her and ask questions. Don’t let your relative be scammed — or feel ignored by you. That only plays into the scammer’s hand.

Now, if it is time for you to give up owning a home and move into a senior community where you have no maintenance worries and enjoy the company of others your age, I have a colleague who specializes in helping seniors find the right facility. She will listen to your needs and wants and even take you to visit facilities which best meet your needs. She knows their services and their histories, both good and bad. She’ll keep you from choosing a facility that you’ll regret later. She’s motivated to find you a facility that you like, because the facility only pays her a commission if you stay there for at least 90 days.  She’s a sweet, caring person, and you pay nothing for her services.

Or perhaps you’d just like to downsize into a smaller home or one with the master bedroom, kitchen, living room  and laundry all on the main floor. That’s where I can be of service personally.  I can send you listings like that and show you ones that sound appealing.

Call my cell phone anytime at 303-525-1851.  I answer it day or evening.

Author: Golden Real Estate, Inc.

Golden Real Estate is a prominent member of the Denver/Jefferson County real estate scene. Based in Golden, we service both Denver and Jeffco, representing both buyers and sellers. We're well known for Broker Jim Smith's weekly "Real Estate Today" column published in the Denver and Jeffco editions of the Denver Post's YourHub section each Thursday. The column also appears in several weekly newspapers and is archived at www.JimSmithColumns.com. We have nine agents, all of whom are Realtors and EcoBrokers. Our office is Net Zero Energy since December 2017, and several of us drive electrics cars. Known for our sustainable practices, we accept polystyrene (aka "Styrofoam") for recycling, keeping 200 cubic yards per year out of area landfills.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s