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Helping my dad avoid a “cash for keys” scam

My dad owns a small home that definitely has some issues, and would be considered a fixer-upper. He’s looking to sell his house so he can move across the country to be closer to his wife’s family. They will likely be renting for a while. My dad is retired (his wife works) but they do not have a lot of income and will be dependent on the proceeds of this sale to use for rent and living expenses.

The problem is that he has been in close contact with a “cash for keys” buyer who reached out to him and he plans to sell to this guy. His logic is that he wants a quick sale, not pay fees, and not worry about the condition of the house when he leaves (on top of the condition of the house, he has accumulated a lot of junk over the years).

I’m concerned for obvious reasons, I think this buyer is low balling him and there’s is a high chance that once they go to closing there will be “surprises”. Already, the guy told him the cash offer is now lower because of the market.

I have convinced him to reach out to a realtor. They are reaching out to “friend of a friend” so I have no idea if this guy is good or not. I told him I can help him deal with any realtors or listings for his house, but I’m here looking for advice on the best way to help my dad. My dad is a wonderful person, but naive and not financially savvy at all.

For reference their home is in a blue collar suburb of Philly. Still a pretty strong market. A quick Zillow search showed the house worth $250k (knowing full well Zillow numbers are not real). Recent comps in his neighborhood showed similar sized homes selling in the $225k range, and looking at the interior pics and listing descriptions, most of these houses were in poor condition as well. They were offered $180k, but the buyer already said that the amount is now lower because of the market. I’m sure that number would continue to decrease through closing if my dad sells to him.

submitted by /u/HeatherAnne1975
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source https://www.reddit.com/r/RealEstate/comments/1l1fy3k/helping_my_dad_avoid_a_cash_for_keys_scam/
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