Investors buying lots and damaged homes?

[adaniel]

So I had lunch with a good friend whose home was significantly damaged in the Westmoor subdivision. She is just about done with her insurance process (her home will require a lot of repair but it is still standing) but says that several investors have called her giving her offers to buy her home as-is. She told me these people were quite aggressive and didn't seem to mind that accepting an offer would disrupt her insurance claim. She admitted to me she was tempted to take it to get some emotional relief and move on with her life.

I really hope this is not uncommon, this seems like the lowest form of disaster profiteering. At the very least these folks should probably wait a few months to let the real estate market stabilize. I did not ask her the specific amount of what she is being offered, but I am sure it's some ridiculously low amount. Anyone heard any stories about this?

[OKCisOK4me]

Sounds like a scam and that if she had agreed, we'd be hearing about her story not from you but from KFOR's 'In Your Corner' segment or 'Consumer Watch' on KWTV. Probably a wise idea for her to pass on them.

[venture]

Eh, that's what lawyers are for to figure out. I would say if you get your check from the insurance company, and as long as it has no strings that you must prove you restored the property, then take it and sell off the lot and make a fresh start. Just cover bases and make sure everything is checked before handing over the keys.

[seaofchange]

Several people on our street up and sold their lots for significantly less than what they're worth. We have had several handouts stuck in our yard with the whole "we buy lots", "we buy damaged homes", etc. they are scamming so many people, it makes me sick.

[Plutonic Panda]

They're not scamming people, they're simply making an offer. It is up to you to know what you house is worth and at the end of the day, it is your decision if you want to sell or not.

[MikeLucky]

One of my coworkers lived right across the street from briarwood elementary, to the south. He lost everything. Almost immediately he was getting A LOT of offers for his lot... most in the $13,000-$15,000 range. Sold it within 2 weeks for $25,000 which his realtor told him was market value for it.

[seaofchange]

They're not scamming people, they're simply making an offer. It is up to you to know what you house is worth and at the end of the day, it is your decision if you want to sell or not.

it is out of state companies coming in and trying to buy the lots for dirt cheap. they make offers for 1/10 of what the lot is worth and tell people it would just be simpler to move on with their lives and not have to deal with it, and to let them deal with the lot and its cleanup.. they bug and bug and bug you, they dont just simply "make an offer". they are taking advantage of people who are in distress and overwhelmed with the situation. its scamming.

[Jesseda]

it is out of state companies coming in and trying to buy the lots for dirt cheap. they make offers for 1/10 of what the lot is worth and tell people it would just be simpler to move on with their lives and not have to deal with it, and to let them deal with the lot and its cleanup.. they bug and bug and bug you, they dont just simply "make an offer". they are taking advantage of people who are in distress and overwhelmed with the situation. its scamming.

Your telling the truth it happened to me when I was cleaning up and salvaging what was left of my home in plaza towers, I was offered $9,000 for my lot and was told the lots sold from $7,000 to $10,000 in my neighborhood. I decided to hold off thanks to my wife saying not to rush into anything plus not really know what land was worth at all. We talked to realtor this week after the city removed our foundation and the realtor told us the lots are selling for $20,000 to $28,000 and she was right lots on sale on trulia and other sites have prices listed for sale in the mid twenties !! I feel bad for the home owners who took this guys/ and probably other builders offer.

[MWCGuy]

One of the hard lessons many people learn is to never fall for the hard sale. If someone is trying to force your hand, in the world of sales, walk away. If you are selling, the buyer is trying to steal the object away from you. If you are buying, the person is trying to sell you something you don't need or something that is too good to be true. If the deal is worth doing, the other party will be more than willing to give you the time you need to think it over.

[adaniel]

Your telling the truth it happened to me when I was cleaning up and salvaging what was left of my home in plaza towers, I was offered $9,000 for my lot and was told the lots sold from $7,000 to $10,000 in my neighborhood. I decided to hold off thanks to my wife saying not to rush into anything plus not really know what land was worth at all. We talked to realtor this week after the city removed our foundation and the realtor told us the lots are selling for $20,000 to $28,000 and she was right lots on sale on trulia and other sites have prices listed for sale in the mid twenties !! I feel bad for the home owners who took this guys/ and probably other builders offer.

Good for you for waiting and thinking it through. It is really sleazy what these people are doing. They know folks have a lot on their plate and are more likely to make a hasty decision. In my friends case it would have affected, if not completely stopped, her claims process since her home was not declared a complete loss. That means no more money for temporary housing assistance or to replace her furniture. That didn't stop these people from calling her six times in one day. Its bordering on harassment! I would love to know what builder or investor is behind this.

[Jesseda]

Good for you for waiting and thinking it through. It is really sleazy what these people are doing. They know folks have a lot on their plate and are more likely to make a hasty decision. In my friends case it would have affected, if not completely stopped, her claims process since her home was not declared a complete loss. That means no more money for temporary housing assistance or to replace her furniture. That didn't stop these people from calling her six times in one day. Its bordering on harassment! I would love to know what builder or investor is behind this.

my realtor told me she knows some realtors that went out giving low offers to people in the jd estates area who lost their homes, she said these realtors are wanting to build cheap homes on the lots and rent them out to make money.

[Digisats]

Hey guys, i'm a developer who happened to lose my home in Moore as well. There are a lot of buyers out here trying to take advantage of homeowners but there are some honest ones as well. I have had countless people come try to buy mine and my neighbors lots. Many of these people I ran out of the neighborhood after listening to their pitches. Some of Moore's own employees have been spreading misinformation about rebuilding as well. Hopefully homeowners take time to make a informed decision and not listen to the first snake oil salesman that approaches them. Unfortunately this includes some realtors.