Things to be wary of when you sell house for cash

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Some unexpected events in life like a divorce, bankruptcy, foreclosure, or changes in lifestyle forces one to give up their house in exchange for much-needed cash. During times like these you’d want an instant solution like putting up a “buy my house fast” sign on your front lawn and voila—a ready buyer emerges out of the blue. You may feel so desperate to sell house for cash that you want to speed things up along and as a result, you do not care much for the details—details that might make a successful sale or get you scammed. Remember that there are scam artists out there who will not hesitate to take advantage and prey on people who are in a situation such as yours.

So pay attention and read through the following for indicators to be wary of when you sell house for cash.

No-show buyer

Be wary of a buyer who says he doesn’t need to see the property before closing a sale. That doesn’t instantly make him a scam artist, but when you’re faced with this kind of buyer, it’s best to proceed with caution. Some scam artists who offer to buy houses for cash never show up to view the property.

E-mail scam

One of the most recent buy my house fast scams circulating happens via email. Some scam artists notify estate agents or sellers via e-mail that they want to purchase certain properties. Many agents have noted that the dubious e-mails they received were mostly poorly written and informal, as if coming from someone who doesn’t have a solid intention of buying the property in question. In other cases, some e-mails look credible because the “buyer” submitted documents that seemed to be legal and original, such as IDs and bank statements. In a situation like the latter, it’s difficult to tell. What you need to do is to demand valid and legal identification, plus supporting documents that back up the buyer’s identity and financial status. Have them all checked out. It could take some time, but it helps if you know someone who knows who to assess these documents. The next important step is to follow the money trail. Make sure that the money is in your account before providing any kind of payment refund.

No negotiations

Serious, legitimate buyers typically go through negotiations with sellers before closing a sale. It’s to be expected because both parties would want to reach a favorable price. A buyer who wants to close a sale immediately and without negotiations should raise red flags. Proceed with caution.

Suspicious payment

Shrewd, practical buyers almost always never pay the full price for a property. It’s a rarity. A buyer that pays in cash upfront and in full raises red flags. Any kind of payment you deem suspicious must be reported to the authorities. Do not hesitate to contact law enforcement once you think something is amiss. If you have indeed been scammed, there’s a possibility that the money you received from the buyer might have originated from illegal activities like drug sales, robberies, and money laundering. If this is the case and you did not report it, you could face losing your home.

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