It sounds like a dream come true. An investor looking to make a quick transaction offering you cash for your property, with now real estate broker intervention. But not all that glitters is gold.
Selling your house for cash is as tempting as it sounds, but you need to make sure you’re making a safe transaction. If you are considering doing this, make sure you do your research and walk away if you see any red flag. Here are some things you need to consider.
If someone contacts you from a foreign country and offers to buy your house, this should set your alarms off. Internet is flooded with scammers and a lot of them actually disguise that very well and provide legal-looking documents. If a buyer is located in a foreign country and not easily available over the phone or video conference or only communicate via email, you might be dealing with a scammer. Legitimate buyers have no trouble showing up. If they send you any check, never take action until the clearing time is due.
They don’t negotiate
Cash home buyers are in this business to find deals. They are not willing to pay the market price for any property, so they will most certainly negotiate they price down pointing out all the repairs that have to be done in order to get their way. If you are dealing with a potential buyer that doesn’t mention repairs and is not showing any interest in negotiating the price is probably trying you scam you.
There are a lot of legitimate investors, but there are also a lot of scammers out there. You need to be alert while dealing with as-is cash home buyers, so you have peace of mind at all times until the transaction is completed.
Do some research, google the investor. It doesn’t matter if it is a company or an individual. Google the names and see what you find. If possible, you should also check if they are members of the Better Business Bureau or if they have any complaints with the State Attorney’s office.
If it is within your possibilities, it is also a good idea to hire a lawyer to help you ensure the process is followed correctly.