Selling your home for cash is a fast and convenient way to get over the sale process and move on quickly. Though it’s a safe and reliable way to sell your house, you still have to be careful when you’re dealing with cash house buyers.
Like any industry, not everyone out there has good intentions. Unfortunately, some homeowners have fallen victim to scam and it’s important to know how to protect yourself.
This article will explain how you can avoid getting caught in a scam when working with cash buyers:
Tips to avoid scams when dealing with cash house buyers
-
Research the buyer thoroughly
Before you agree to any deal, take time to research the buyer. A legitimate cash buyer should have a registered business, a professional website and a track record you can review.
Check for online reviews and you can also look them up on the Better Business Bureau (BBB) website, and even ask for testimonials from past sellers. You should raise an eyebrow if the company has no online presence or vague contact information. If you can’t find any history of successful transactions, then steer clear of such cash house buyers.
-
Beware of pressure tactics
In a bid to sell home fast Las Vegas, many homeowners have given into pressure tactics of scammers. One of the biggest red flags is a buyer who tries to rush you or force you into closing a deal. Scammers often try to pressure their victims, exploiting the strategy of Fear of missing out (FOMO) or that you must sign paperwork immediately.
Remember, no genuine and reputable buyer will force you to sign any paperwork against your will. They’ll even advise you to consult with an attorney or real estate professional before you close the deal. If someone is pushing you hard to “sign now” that’s your sign to slow down or walk away from the deal.
-
Never pay upfront fees
Another common scam is when you’re asked to pay upfront fees. No real cash buyer will ever ask you to pay for appraisals, administrative fees or any processing fees before they close the sale. If a buyer asks you for money before anything is finalized, that’s blazing red flag. Before you pay any money, clarify what it’s for and who is responsible for closing costs.
-
Insist on written agreements
Everything- and I mean everything- should be in writing. Verbal agreements aren’t enough when it comes to selling your home. Make sure the purchase agreement states all important details such as the agreed price, contingencies, closing timeline and any other important details. Don’t rely on “trust” or “good faith” because business is business and shouldn’t be mistaken for interpersonal relationships. When there’s a clear contract, it protects both sides and ensures everyone knows what to expect.
-
Trust your instincts
Sometimes, you just have to trust your instincts. If sense something is “off”, if the offer sounds too good to be true, or the process seems sketchy, trust your guts. It’s better to take a step back, miss the deal (no matter how good it sounds) than risk getting scammed.
Conclusion
Selling your house for cash can be a smooth and hitch-free expensive when you work with the right buyer. At the same time, you need to be cautious, do your research and insist on a clear line of communication before you proceed with any deal.
If you have any doubt, you can always seek legal advice or call trusted real estate professional. You need to be intentional about protecting your peace of mind and property.