How To Spot Fraudulent Buyers When Selling Your House For Cash
Are you going on a vacation and want instant cash? Or do you often travel for work while your house just sits there all lonely and useless? Maybe you are looking to move houses and need some money quickly to fix up the new one!
Whatever your reason may be, selling your existing NY home fast is the only solution.
It's time that you quit asking people how to "sell my house for cash" and contact EZHomeBuyers for a safe, secure, and reliable all-cash sale.
A cash payment may allow you to make a quick profit without having to worry about inspections or renovations of your property.
But if you are still not convinced and want to go the traditional route to sell your home, watch out for the following warning signs:
The Buyer Refuses To See The Property
Every potential buyer who's putting their own money on the line will ask to inspect the property before finalizing the deal. They'll want to get familiar with the place and bring in an inspector to confirm that it is worth buying.
But if a buyer refuses your offer for a site visit repeatedly, it is not a good indicator.
Proceed cautiously in this case because chances are it might be a fraud unless the buyer has stated a very genuine reason. You can also ask for proof of payment, trace their financial details, and involve a real estate agent.
They Only Communicate By Email
Chances are that you'll find your buyer online, and initial communications will happen through email. However, if the email is misspelled or poorly written, and they keep promising to pay via bank transfer, but the money never shows up, you might be dealing with a criminal who's looking to take your property fraudulently.
Make sure to find other ways to talk with the client and arrange a meeting with them or their lawyer. Remember to ensure that the money is in your account and ask for proof of payment before signing anything.
Scammers can also intercept this email exchange and alter the buyer's bank details with their own so that funds get transferred to the scammer's account rather than the buyer's account. So it's best to deal via secure channels.
You Are Forced To Sign The Classic Bait And Switch Contract
The Bait and Switch is the most common type of contract scam between buyers and sellers. A buyer may volunteer a verbally written agreement and instead turn up with a very loosely-tied, altered paper agreement for you to sign.
It is always advisable for sellers to come up with a contract themselves. If the buyer supplies a contract, make sure you read it properly to avoid any problems later. Especially check the sale price and property ownership and mortgage terms since they can easily be altered in the buyer's favor.
There Are Way Too Many Contingency Clauses In The Contract
Contingency clauses mean that while the offer has been finalized, some special conditions must be fulfilled before the final sale can be made. These clauses protect the buyer's interest making it easy for them to back out of the deal. For example, a contingency clause in a contract would look like this:
Offer is only valid if the mortgage lender comes through
The buyer's obligation to purchase the current house is contingent upon a price above the price on the contract
If you're only taking a cash payment, these kinds of deals are very likely to fall through. Avoid contingency clauses by ensuring that the contract also allows the sellers to back out of the agreement without facing a penalty. Read the terms and understand your contract carefully, paying attention to dates, deadlines, and specifications.
Don't Fall For These Scams. Contact EZHomeBuyers Today!
Selling your home for cash payment can eliminate many stressors related to real estate credit transactions. At EZHomeBuyers, we have a relatively easy qualification process where one of our experts assess your property. If it passes, we buy it on an as-is basis in a matter of weeks.
In fact, we've been known to close on homes for sale in New York in less than 10 days. Get in touch with us today, and let's get the sale process started stat.
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