When you’re looking to make a quick cash sale for your home, you might be inviting a real estate scammer into your home.
The last thing you need is to lose money in the process, which is why you need to keep an eye out for real estate scams.
Read on to learn how to avoid them.
1. The Buyer Never Sees the House
As much as you want to make a cash sell, if the buyer is willing to buy without seeing the house, this is a red flag.
Ask yourself, would you want to buy a house without looking at it before? Even if the buyer claims to buy houses to flip for a profit, it’s unlike they’ll go in blind.
Serious buyers will still want to consider things like the condition of the property, inspect it to check for major issues, and neighborhood.
Real estate scams usually begin with a buyer not wishing to see the property before making the commitment.
2. The Cash Buyer is Foreign
Tying back to the first point, if the buyer is foreign, it’s also a red flag.
In order to want to buy a house, buyers should be somewhat familiar with the area. Foreign real estate scammers are willing to buy the house unseen.
Although there’s nothing wrong with a foreign buyer, serious buyers send their agent or someone else to look at the house.
A foreign scammer tends to not ask many questions about the property and wants a quick sale.
3. The Buyer Shares Financial Information
In order to gain your trust, scammers are quick to divulge financial information without you asking.
Since they want to prove they’re worthy candidates, they’ll want to share about their finances.
Pay attention if they send a bank statement or other financial information over email.
4. They’re Eager to Part With Their Money
Serious cash buyers don’t tend to part with their cash until they’re ready to sign the contracts.
Scammers usually operate using the following scams:
They’ll want to send you a check for a down payment. Once you deposit the check and before it clears, they’ll change their mind.
The scammer will then ask for the refund back. Since their check will never clear you will lose money.
Sometimes they send a check for more money than the house is worth. Then they’ll ask you to refund the surplus money via wire transfer and their check will never clear.
5. Communication is Inconsistent
You will notice scammers will only communicate with you during odd hours and over email. They will never give you a physical address or legitimate phone number.
Their emails are also plagued by grammatical errors and typos.
Don’t Be a Victim of Real Estate Scams
Paying attention to these 5 things will help you deter scammers.
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