Selling your home fast to a cash home buyer is possible. However, with the increase in demand and interest for home cash buyers, scammers take advantage. These scammers pose as would-be buyers and prey innocent home sellers to swindle their hard-earned money. We don’t want that to happen.
Tips to Avoid Real Estate Scammer
In order to avoid getting scammed, here are 7 warning signs to take note and observe when dealing with a home buyer.
1. Purchases the Property even Sight Unseen
After you have posted your property for listings, you received a message from someone offshore telling that he is interested in buying your house for cash, sight unseen, no interest about the neighborhood and the city, and without any question. This is a red flag!
A serious home buyer usually checks the property themselves or asks his agent to do the ocular for them. Legit buyers also ask questions a lot and pay attention to all relevant details including the community and their possible lifestyle.
2. Confidently Shares Financial Details
You will be surprised that attached in his initial email are his financial records and bank statements even you never asked for it. Who would share this confidential information with a stranger? Oh, maybe, a cash home buyer scammer.
If you are a first-time home seller and doing the business the first time, it seems that he is a legit home buyer. However, the truth is he’s not. Be wary and avoid fast cash for home scams.
3. Unable to Make In-person Phone Calls
Scammers will make you believe that they are in or from a different country, for an instance China or Canada. But because of time differences, you cannot make in-person phone calls so he requests you to call his attorney instead. But when you make the call, they sound way different from the twang of a native Canadian or Chinese.
Scammers avoid being traced that’s why you cannot make in-person conversations with them.
4. Communicates via Email only
So instead of making personal phone calls, these would-be cash home buyers prefer e-mail as your primary communication medium.
Lately, fraud usually happens through e-mail. Their initial e-mail shows their over-eagerness to buy your property. However, the e-mail has a poorly written content with lots of grammatical errors.
Take note that a serious and professional home buyer is also professional in writing his buying intention.
5. Trusts an Agent Met Online
Because he is a busy businessman, the buyer easily trusts an agent he only met online. He never has any previous transaction with the agent nor was referred by a friend. But despite these inconsistencies, he still trusts the agent to make the purchase for him and recommend an attorney for additional assistance.
Although these are possible, still be cautious. Scammers are good at making stories.
6. Haggle –Free
Haggle-free transactions are suspicious and illegitimate. Typical home buyers negotiate a purchase and clever investors usually don’t pay in full. But these buyers are rare to find.
7. Renders Check even Unnecessary
Cash-buyer scam tends to pay in cash.
Typically, they send a cashier check with either an earnest money or cash deposit then instantly changed their minds after the deposit. Instances happen when they deposit more than the agreed amount.
Of course, they will come up with reasons for you to refund the full or portion of the deposited amount through a wire transfer.
“The average amount they are currently sending for down payment is $38,000, and the average amount they are asking for you to return is $8,000,” said Chandler
Don’t get deceived by this fraudulent strategy. Make sure you refund the cash only until it clears the bank.
Online financial scams are becoming more sophisticated than ever. Keep yourself and your finances secured from scammers by observing these warning following these ways to ensure that your home buyer is legitimate.
Only deal with a reputable cash home buyer like The Home Buyers. We are a legitimate cash home buyer and real estate professionals with extensive and honest track record in the real estate industry.