Just like any type of business, the cash home buyer market has its scammers. People will do anything in any area to ‘get rich quick’ and take advantage. But don’t let that put you off selling your home for cash.
There are plenty of reputable companies to choose from, but don’t just jump at the first opportunity. You need to get references and check these places out yourself.
How to Know a Cash Home Buyer is Legitimate
The main reasons someone is trying to scam you is to get money from you or get you to sign the house over to them without putting any money down, or putting very little down.
Willing to Buy Sight Unseen
Often claiming to be out of town or too busy, the cash home buyer is willing to buy the house without sweeping it or sending someone else to view it. If they don’t even ask about the home or the neighborhood, this is a red flag.
Even if a serious, legitimate buyer is interested in buying the home as-is, they still want to see it. They need to know what they are getting and what they are in for in regards to why they want the home.
They may even claim to live in another country and are looking to relocate to your city. That can sound like a great reason for them to not come to look at the hoe in person, that your ad seemed fine.
Too Much Information
A willingness to share all sorts of personal and financial information without being asked is another scam standard. There may be all sorts of banking information, like account balances, checks, and credit card numbers.
Why would anyone do this? Well, a scammer, as the information is only intended to make them look legit. All of the information provided will be fake or stolen.
No Communication
If your potential cash home buyer is never able to talk on the phone or meet you, be suspicious. Sending emails only and claiming they are out of the country or in a different time zone.
Often, the scammer will want you to connect with their lawyer or real estate agent. This is another layer of trying to get themselves to look legitimate. Of course, these people are all in on it or they don’t even exist, at all.
Requests Money
They will want you to send money to cover fees or more often, they will claim to have sent the money to the lawyer or their agent. They will show you proof of overpayment and request you send back the remainder.
The problem is, you don’t actually have the money. Anyone can produce documents that look perfectly legal and realistic. Sometimes they are simply too eager to send the money.
This is a way to get you to sign the home over to them. Once you do, it’s theirs. You won’t be able to get the home back and they are perfectly entitled to do what they please.
Cash Home Buyers
If you are considering selling your home for cash, find a reputable company. Don’t get scammed and lose your home. There are plenty of perfectly legal companies willing to work with you and get you a fair price.
Contact us here at Black Door Signature Homes for more information about scams to avoid or to sell your home. We do quick and easy cash sales for homes so you can move on to the next chapter of your life.
