What to Look Out For to Determine Whether the Cash Home Buyer is Duping You or Not
There are many benefits for selling your house for cash which will make you consider taking this option rather than looking for a real estate agent. The process is simple with few legal formalities and it that may come in handy during emergencies. However, no industry does not have scammers, hence here are signs that a cash home buyer wants to dupe you.
Processing fee or administration fee should never be part of the cash home-buying transaction. Scammers do not ask for a small amount of money when it comes to processing or administration fee because they are out here to steal as much as they can from their victims. The only thing that the buyer should do is to write you an offer and allow you to accept or reject it.
The buyer should check the state of the residence before they show signs of enthusiasm in the transaction but if they are eager to buy the house they have not seen you should take caution. Such types of cash home buyers may be quite harmless, but in the end, they will waste your time because they will not buy the house.
A serious cash home buyer will provide you with earnest money after inspecting the condition of the house, negotiating the price and reaching an agreement with you. Earnest money is offered to you as a promise by the buyer that they will complete the remaining cash on a date that you both agree on. A buyer who cannot afford to raise honest money may not be financially capable of buying the house hence they’re waiting for a lender to loan them money or another investor to buy the house from him or her for him or her to pay you.
You need it will be careful you are the buyer agree on using check for payments. Do not refund the buyer the excess amount that is on the check before you clear it because you may never recover your money if the check bounces.
Email communication alone is not a trustworthy form of communication for such a vital transaction hence ask that the buyer is physically present before you finalize the agreement. You may not be able to note the poorly written sections in the documents that you receive on your email before signing them that may create problems for you which the buyer will use in future to steal from you.
If you have a bad feeling about them cash home buyer, you should be alarmed. When scammers find out that their tricks have been known they will use new methods. That bad feeling that you have about cash home buyer will help you to stop communicating with them before you become their victim.
You will be a suspect if the police find out that you sold a house to a cash home buyer who does illegal businesses. Research about the activities of the buyer to ensure that the buyer is not involved in drug trafficking, human trafficking, money laundering or any other illegal activity.