Simply because somebody is willing to buy your house for cash does not mean they are trustworthy. There are many reasons why selling your home through a cash buyer could be risky.
Cash home buyer scams are everywhere. If you are not careful, you may lose thousands of dollars and even your house to scammers.
If you’re considering selling your home, you will benefit immensely from learning how to avoid cash home buyer scams. Here are some valuable tips on spotting and avoiding cash home buyer scams.
The Buyer Isn’t Interested in Seeing the House
If someone is willing to buy your home without seeing it first, chances are that they are a scammer. Even real estate investors who purchase dilapidated homes will send someone to assess the house first. A buyer unwilling to see the house has no real interest in purchasing it and only wants to scam money from you.
Check the Prospective Buyer’s Online Reviews
If a company wants to buy your home for cash, do your due diligence by researching its reliability. You want to find as much information about the home-buying company as possible.
Besides checking their website, read their reviews on various platforms and talk to the company’s previous clients if possible. Also, check to see if the company appears in various online directories.
The Buyer Wants You to Transfer the Deed to Their Name
Have you heard about equity skimming? It involves a scammer convincing you to transfer your home’s deed to their name. The scammer will let you continue living in the house and pay monthly rent.
They may find another renter if you decide to move out. In addition to generating revenue from the monthly payments, the scammer may also obtain a loan using the property’s equity. They may sell the property to another person afterward.
Once they feel they’ve made enough money from the home, the scammer can simply default on the mortgage payments. The payments will still be your responsibility since the scammer never assumed the loan. In the end, you will continue making mortgage payments without a home.
Conclusion
Selling your home to a cash buyer exposes you to cash home buyer scams. Besides learning how to avoid cash home buyer scams, give yourself extra protection from scammers. Turn to a reputable home-buying company like Professional Home Buyers.
Call Professional Home Buyers at (316) 202-1628 for a free cash offer if you plan to sell your property in Wichita, KS.