patrick.net

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Automan Empire says

Had trouble uploading image, sorry.

My fault, will fix.

Glad I am not the only one that thought that. I read an article a few months ago about a lady trying stuff like this. The crux of the article was actually on auction sites (no deals there either), but she talked about this strategy as well. She basically said she got like 2-3 calls a month on these types of signs, most of which expected her to pay close to full market value and close in a week. Can't recall if she every actually bought one using this method or not, but I have never met anyone who has.

Seems like the the only time it would make sense would be if the person had a fairly significant amount of equity in the property and needed money quick to avoid a foreclosure. (Something beats nothing)

My guess is that people who post those signs are looking for desperate home owners who they can manipulate into getting a steep discount in buying the home.

The sign its self filters out probably 100s of people who would respond to a more "professional" sign; 100s of people who are not incredibly desperate or stupid, i.e., people who will not buy into whatever scam the sign owner is pushing.

Only the most desperate and foolish are going to respond to a sign like that. Just the right demographic that the sign maker is looking for.

According to a quick search, they're called "bandit signs" and are used by your typical low life RE types trying to generate leads.

http://www.biggerpockets.coms/87/topics/53775-using-handwritten-bandit-signs

I had read someplace that it's people trying to find suckers who will sell them their house for around 60% if it's fair market value.

Man, Randy, what a hoot that link is.

From various posts at Randy H's link above:

I decided to try something new this week to market a wholesale property; handwritten "bandit" signs. In the past we have used "We Buy Houses" bandit signs for finding deals. I really am not a big fan of this whole process to be quite honest. I hate putting those signs out! After the last time I subjected myself to feeling like a "bandit" on the run, I had decided that if I ever were to use bandit signs again I would hire someone to put them up for me.

Another realwhore:

I would recommend using a google voice number since they are free and very hard to track back to you ( less worries of getting a fine). Ive put up over 600 signs in my area and never gotten a fine.

And the best one:

Yes handwritten are extremely effective.. Some gurus even advocate doing this on a fake property for beginners just so they can start building their buyers list right away. Good Luck

Thanks for this Randy H, what a barrel of laughs!

We called one of the numbers one time to see what the were all about. The one we called seemed legit, but they only offer you 60-70% of your homes value.

So they are basically vultures looking to swoop in and make a tidy profit.

Randy H says

According to a quick search, they're called "bandit signs" and are used by your typical low life RE types trying to generate leads.

http://www.biggerpockets.coms/87/topics/53775-using-handwritten-bandit-signs

lol I clicked that link and i think the second response was:

I would recommend using a google voice number since they are free and very hard to track back to you ( less worries of getting a fine). Ive put up over 600 signs in my area and never gotten a fine

What a stand up kind of guy.

Automan Empire says

Seriously, what is the deal with all of the amateur "We buy houses" signs out there?

I have thought the same. I have come to the conclusion that maybe they have nothing to do with real estate and are just a front for something else. You know like the 80s underground clubs in secret locations call number give a special code for the information you are really seeking. The entire thing makes no sense to me who buys a house from a quickly written street sign on a highway?

I have also seen the same for fucking mattresses! Who buys a bed off a handwritten street sign? JEEZ.

Yeah, I always wondered why anybody with enough money to buy a house would just cheaply hand-letter a aign.

barbaraG says

Yeah, I always wondered why anybody with enough money to buy a house would just cheaply hand-letter a aign.

According to the morons in the link"

"I find them to be nearly 100% more effective than craigslist. Craigslist seems to be full of bottom feeders. The real buyers with cash tend to call the signs on the side of the road."