Selling your house to a cash buyer can seem like an easy and fast way to unload your property without the hassle of listing. But in the rush to close a quick sale, home sellers need to beware of potential cash for house scams. Unfortunately, some unscrupulous companies and investors try to take advantage of motivated sellers. Here are some tips for avoiding cash for house scams and ensuring a secure sale to a legitimate buyer.
- Research the company thoroughly and look for complaints or lawsuits
- Never take large amounts of cash directly without an escrow service
- Consult a real estate attorney before signing contracts
- Be wary of lowball offers well under market value
Tips To Avoid Cash House Buyer Scams
To Good To Be True
The most common red flag of a shifty cash buyer is an offer that seems too good to be true. One of the techniques scammers use is presenting an offer well below market value, but with the promise of a quick and easy sale. They may try high-pressure tactics to get a homeowner to hastily accept the low offer before checking comparables. Be very wary of buyers making offers significantly lower than your home’s assessed worth.
It’s essential to thoroughly research any company or investor making a cash offer. Search online for reviews, complaints or concerning stories about the buyer. Check sites like BBB.org and the state attorney general’s office for any lawsuits or investigations. A legitimate cash house buyer will have a track record of satisfied sellers. Be skeptical of any vague or sketchy responses from a buyer when vetting them.
Secure Payment Through An Escrow Company
Securing your payment is also crucial to avoid being scammed. Only accept payment at closing through a reputable escrow company, never directly in cash. Fraudulent buyers may present a large amount of cash at signing, but later the money turns out to be counterfeit or the transaction invalid. Using an accredited escrow service ensures you receive verified legal payment. Consult a real estate attorney before signing contracts.
Use A Realtor or Real Estate Attorney
Work with experienced real estate professionals like Barb Schlinker and Your Home Sold Guaranteed Realty - Barb Has the Buyers Team to assess any offers received and negotiate fair value. Get representation and guidance from an agent, attorney and your own appraiser. Be cautious about deeply discounted offers and heavily pressured sales tactics.
The key is taking your time to thoroughly vet any cash house buyer before agreeing to anything. Checking credentials, securing escrow services and consulting professionals of the pros and cons will help you avoid handing over your house for a fraction of its worth or falling victim to cash for house scams. Do your due diligence before sealing the deal.
More Tips To Avoid Cash For House Scams
Here are some additional tips for safely and profitably selling to a cash buyer:
- Ask for references from previous sales and contact the sellers.
- Research the buyer’s funding source and get proof of funds.
- Include inspection and appraisal contingencies in the contract.
- Make sure all promised repairs and timeline guarantees are in writing.
- Hire a real estate attorney to review the purchase contract.
- Close only after the buyer’s payment fully clears with escrow.
With adequate research and representation, selling your house quickly to an ethical cash buyer can be convenient. But never let the prospect of a fast sale cause you to overlook red flags. Protect yourself by verifying credentials, securing your payment, and consulting professionals to avoid becoming the victim of predatory cash for house scams
What Realtors in Colorado Springs Have Cash Buyers?
If you want to sell your house for cash in Colorado Springs, Colorado, Barb Schlinker and Your Home Sold Guaranteed Realty - Barb Has the Buyers Team can help. With nearly 30 years of real estate experience, our real estate team has helped hundreds of our clients sell their house fast and for top dollar.
But you don’t have to take our word for it. Our track record speaks for itself. On average, we sell homes 66% faster and for over $20,000 more money compared to other realtors in Colorado Springs.
We’re able to do this because of our extensive database of over 27,000 pre-qualified home buyers, including cash home buyers. With this database, we can match you up with an interested cash buyer almost instantly.
On top of our network and industry connections, we also offer several seller guarantees to protect your interest, like our Guaranteed Sale Program and Guaranteed Cash Offer Program. Call the best realtor in Colorado Springs and start packing!
Get Multiple Cash Offers: Your Home Sold Guaranteed Realty - Barb Has the Buyers Team has the resources and network to get the best cash offers for your home. In many cases, you’ll be able to pick your own closing and move out date, too. Call 719-301-1802 today to get the best cash offer and sell your house fast for cash!