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Never used one, but I guess that depends on your definition of fair.
I wouldn't expect to get the full, appraised value. I'd guess that they make you an offer just large enough for you to get out of a loan deal you can't pay without bankruptcy. Unless you have some equity built up, I'd expect that you are going to lose 10-30% of the houses value. It's like those places that charge you ten bucks to cash your paycheck–the fee is outrageous because they know you wont use the service unless you have no other option. They take a risk and that's why I wouldn't say it is unfair–but if you don't need to sell this month, I'd use a realtor.
in a bad situation, i am looking to sell
They will probably come in with a pretty low offer based on their pricing models. You could go with a discount broker, but they won't do much more than list it for you.
Find a good, aggressive agent and price it very competitively is my only advice.
The don't have to be ugly at all. These people are just looking for people desperate to sell. They offer half what the house is worth, spend a few thousand fixing it, and sell for a huge profit.
Patronizing these places is a bad idea. Unless you're at the absolute end of the line (foreclosure sale in a week, or something like that) you can get more money by selling in the normal market.
Many agents actually do this hoping to get listings. They advertise "we buy houses," and then talk you into listing with them when you call. I suppose I could do it - I've got a fixer client who will buy anything that people are willing to sell for about eighty percent of market (way above most similar companies). But it *feels* slimy. It's okay for me to go around making low-ball offers to people who are not my clients. They can choose not to sell. It's not okay for me to go around making low-ball offers to people who are my clients. They're trusting me to do the best thing possible for them.
We have an investment home–long story short–we need to get rid of it. It's becoming a headache. We got in touch with a motexinvestments who have made us an offer. They will take over both mortgages and we pay them $4500. We are done with the house. Is this legit? Because of the condition of the house and location, we anticipated losing about $10,000 had we tried to sell it ourselves.
We would remain on the mortgages until they actually turned around and sold the house. Then we would come off the mortgages. Apparently this is all in a contract.
They just sent us a contract. Can anyone look over it and see if we are protected?
We are active duty Army stationed halfway across the country, upside down in the house and trying to get out from underneath this.
First, I have to take issue with
Yanswersmonitorsarenazis's referring to them as "borderline crooks". There is nothing even remotely illegal about what they're proposing. How do I know? Because I make similar offers (many of which are accepted) every day. It all depends on the seller's needs. Ask any of those people who tell you NOT to take this offer if THEY'LL make your payments! I make the seller a FULL PRICE offer if they'll stay on the mortgage while I get my "rent-to-own" buyer qualified for a new mortgage. That usually takes 15-18 months. I always get AT LEAST a 3 year term from my seller in case it takes longer or the first buyer doesn't buy. And unlike "regular" renters my buyers take care of (an occasionally improve) the property at their expense. Why? Because they truly want to own the house and because I have a fairly significant amount of their money up front.
I keep 3 months of payments in escrow so that the money is always there to pay the note in advance. If my buyer defaults, I evict them WITH THEIR MONEY. If the seller's notes are low enough to generate a monthly "spread", I give most of it to the Seller. Frequently, they get accustomed to receiving the money monthly and want the deal to last as long as possible. During the lease, we take over the payment, taxes, insurance and maintenance/repairs.
My buyers and sellers are usually VERY happy with the arrangement. My seller got FULL PRICE for their property and my buyer, who otherwise was stuck renting, gets to live in a nice house in a nice neighborhood.
Addition:
I'm not an attorney, but if you'd like me to look at the offer they sent you, I'd be glad to do so. My contact info is in my profile.