Cash offers to sell your home are very appealing- particularly when you have to sell in a hurry, do not want to incur repair expenses and bypass the normal real estate procedure.
Credible cash home buyers provide quick, convenient and hassle-free sale usually to complete within days rather than weeks or months.
But like with any industry that entails the substantial amount of money, also scammers seek to take advantage of unsuspecting homeowners.
Possibly, fake buyers can employ misleading ways, falsehoods, or even forged papers to exploit the sellers who need a quick sale.
If you’re looking for the best cash house buyers USA, you should have in mind these things:
Look at Verified Business Presence
Credible cash buyers need to have a legitimate business with a verifiable online and offline presence.
Research on any company before making any contacts with the buyer.
The company is supposed to have its name, address, phone number, email clearly shown in the professional site.
Take care of buyers with text communication or generic email address only (e.g. Gmail, Yahoo).
Search authentic online reviews on websites like Google, Better Business Bureau (BBB), or Trustpilot. Positive feedback is a good sign of reliability.
It’s advised to check state business registry or corporate database to carry out verification of the legitimacy of the company.
Scammers are known to use false or unregistered business names.
When a buyer doesn’t want to give information about their company or ducks your inquiry regarding licensing or credentials, consider that a red flag. Discover more here.
Check for Openness and Communication Style
Professional Cash House buyers USA based in Irving Texas talk to their clients in a clear, honest, and polite way.
They take the time to explain how their process works, what paper work you’ll need, and when you can expect to get paid.
Scammers, on the other hand, often put buyers under a lot of stress to decide quickly or sign contracts they don’t fully understand.
“This offer ends today” or “Don’t worry about the paperwork, we’ll take care of everything” are some of the things they might say.
Buyers you can trust will ask questions, give you written proof, and give you time to carefully read contracts.
They will never push you to make a decision or tell you not to talk to a real estate lawyer or trusted expert first.
Check Proof of Funds
A real cash home buyer will have the money to buy your house right away, and they’ll be able to show you proof. Ask for proof of funds before you agree to any deal.
Most of the time, this is a bank account, a letter of credit, or proof that the money is available from a bank. Buyers with a good reputation don’t mind giving this paperwork when asked.
It’s a good sign that the buyer might not have the money to close the deal if they avoid answering the question, give unclear reasons, or refuse to show proof of funds.
Some con artists use fake cash offers to get information about you or your property.
Avoid Offers That Aren’t Realistic
Something that sounds too good to be true is the usual indicator of a swindle.
The offer made by cash home buyers whom you can trust is pegged on the current market value of the home less the repair or improvement cost.
They do not intend to deceive you, but to make a good profit.
When a buyer pays way above the value of a house in the market without taking even a glimpse, you ought to be suspicious.
Fraudsters will offer unrealistic prices to homes to attract individuals into the bait.
After which, they fabricate genuine issues on the property with the aim of reducing the price further or even worse, they steal your money or personal data and make away with it.
Check a Physical Inspection and a Clear Process
Before a deal is finalized cash home buyers need to do a physical inspection.
They may even send someone to your home or contractor who may examine your house, determine what should be repaired, and give you an idea of how it can cost you.
When a buyer claims that he or she does not need to see the house at all or insists on purchasing it without seeing it, this is a shooting an elephant.
It happens that we purchase things which are far, yet, most honest consumers will require to know exactly what they are purchasing.
Reputable companies have a clear procedure: a first meeting, an inspection of the premises, a written offer, signing of the contract, and closing either in a reputable title company or attorney’s office.
Be Wary of Upfront Charges or Requests for Private Data
Cash buyers with a good reputation don’t charge sellers fees up front.
They take care of all the fees for the closing, the title, and other costs as part of their service.
It’s likely a scam if a buyer asks for a deposit, “application fee,” or any other kind of fee before the close.
Also, be very careful if someone asks for private information like your Social Security number, bank account information, or wire payments early on.
Scammers often use this kind of information to steal people’s identities or make fake purchases.
