Anytime you try to sell a house fast for cash, there’s a chance you might come across real estate scammers. The last thing you want during the process of selling your home is to lose money, so keep reading to learn about 5 common scams and how to avoid them.
1. The Buyer Never Sees The House
If the buyer says they will buy the house without even coming to look at the property, this is usually a red flag. As much as you might want to make the sale right away, proceed with caution. Serious cash home buyers will still want to consider things, like the condition of the property, the area or neighborhood where it is located, and what repairs need to be done. Without seeing the house in person, it is unlikely that they are being honest with what they are offering. Do your research to find a reputable and trustworthy cash home buyer in your area by looking for things like reviews and testimonials.
2. The Buyer Is In A Foreign Country
Scams are extremely prevalent in the real estate industry. They usually start with the buyer being temporarily out of the country, making them unable to communicate with you by phone or meet you in person. This is similar to the above scam, as the buyer will never see the house. Good cash home buyers should be familiar with the area they want to purchase because it all boils down to risk management for them. Location, location, location still applies to real estate investors. Foreign real estate scammers are willing to buy the house unseen. Usually, foreign scammers won’t ask many questions about the property and just want a quick sale. It is highly recommended that you speak to the buyer on the phone, meet them in person and show them the house.
3. The Buyer Shares Financial Information
Scammers are often quick to divulge financial information without you asking for it. They use this tactic as a way to gain your trust and take advantage of your situation. In order to prove they are worthy candidates, they’ll often over-compensate by sharing their financial information too freely. Established, honest all-cash buyers will definitely provide proof of funds upon request, but if they send a bank statement or other financial information without you asking, be wary.
4. They’re Eager to Part With Their Money
Here is one example of the previously mentioned type of scam: A scammer will send a check for more money than the agreed upon amount, they’ll follow up and ask you to refund the extra money via wire transfer and their check will never clear. With honest all-cash buyers, you will receive the money at closing when contracts are signed by both parties at a title company. The quick sale real estate method for real investors is no different than an actual real estate transaction, it simply goes by faster because there are less moving pieces.
5. Communication Is Inconsistent
You may start to notice that the “buyer” only communicates with you during odd hours and solely through email. These emails are typically plagued with grammatical errors and typos. Scammers will never give you their real location or a legitimate phone number. Instead, look for local cash buyers that have a legitimate presence in the community or online by checking their website or social media platforms.
The best way to know if you can trust a cash house buyer is to look for testimonials from real, happy clients. See what people have to say about Colorado All Cash. Contact us if your interested in selling your house quickly. We’re here to offer all of the assistance we can at this difficult time.