Ways Con Home Cash Buyers Use
You need an attorney to analyze the sales and purchase agreement before you sign them and ensure that you research about the reputation of the cash home buyer. People who sell their home for cash are exposed to several scams. Home cash buyers who are scammers dupe people using these tricks.
The buyer who insists on paying cash has ill motives such a paying you fake money, less money or hire robbers to attack you afterward. You will not know if the money is complete or not because there will be no time to count it at that time. There are many secure cashless payment options like bank transfers that the buyer can use.
Equity skimming is an old trick that seems to work well for most scammers for they sweet-talk homeowners to transfer the deed of the house before they make payments. They wipe out the equity of the owner after the documents of ownership are transferred to them. They will either rent out the house to make a profit and later acquire a loan on it or resell it.
The buyers can claim to be foreigners to create an impression that they have a lot of money hence they will give you a good offer. Those who want to dupe you in the name of them being foreigners never make a physical appearance, but they are consistent will email and phone calls. They look for contacts of the home that have been listed online because the owners provide their contacts for potential buyers to reach out to them. You will not know when and how they will hack your bank account and transfer your money to their bank accounts or shop online.
A buyer who offers you the highest offer than all the other buyers may not be having good intentions. The buyer may pay a less the agreed-upon amount of money later after you excitedly sign the documents before receiving payments because of the fear of losing a good deal.
If they do not have earnest money to bind the contract, do not hold the house for them since they may be brokers of other buyers or they are only window shopping prices. Agree with the buyer to resell the home and refund their earnest money if the buyer does not complete payment of the remaining amount within a week.
They have confidence that will make you trust them after meeting them severally before they implement their evil plan. They will pressure you into signing the sale and purchase agreement since they have your trust so that you and your attorney do not get time to analyze the documents and find out the alterations they did in the documents to steal from you.