Are you looking to sell your home quickly?
Perhaps you’ve got a new job in another city or country and you’ve no choice but to sell your home before you move. Or you’re going through a nasty divorce and selling the home is part of your agreement with your soon to be ex-spouse. Or you want to buy another home and you want to sell your current one so you can raise the funds.
Selling quickly is possible, but you increase your risk of falling victim to home buying scams.
In this article, we’re telling you how to avoid these scams so you can sell your property safely.
An Offer That’s Too Good to Be True
You’re probably asking, “how can I sell my house fast and still get a good offer?”
This is because most people who sell their houses quickly don’t often fetch money that’s equal to the property’s market value. You’ll be tempted to accept the first offer that comes you away, even when waiting a little longer would have yielded a bigger offer.
So, when you’re selling quickly and you receive an offer that’s equal or better than your asking price, you have a good reason to stop and think twice.
In this economy, nobody wants to splurge on a house. Almost every buyer will haggle over the price in a bid to snap up your home at the lowest price possible.
These too-good-to-be-true offers are designed to lure you into a scam. Some of these scammers can trick you into transferring ownership to them before they pay you any amount. And if you do that, you’ll have an uphill task proving that you hadn’t received payment for the house.
Offering to Buy the House Without Seeing It
Seriously, who buys a house without seeing it physically? A fraudulent person, no doubt.
Buying a home, whether as an investor or regular buyer, is a big investment. The median price of a house in the U.S. right now is about $250,000. Nobody is going to splurge that kind of money on something they haven’t seen, let a loan a home they probably intend to live in.
If you encounter such a buyer, there’s a very good chance they’re a scammer. These fraudsters know that most people selling their houses quickly are desperate. They assume your desperation will lead you into accepting an offer from a buyer who wants to send you money before they see the house.
Don’t believe their tricks, even if they tell you that the photos and videos of the house are adequate.
A Buyer Who Doesn’t Want to Involve an Escrow Company
In real estate, escrow companies are like a safety deposit box. A buyer deposits money with the escrow, which will then release it to the seller once the property transfer is complete.
Using an escrow service is almost standard practice in property deals.
If you find a buyer who doesn’t want to use an escrow company, that’s a major red flag. In any case, it’s the buyer who is at greater risk if they send you money before the transfer is complete.
Avoid These Home Buying Scams
Home buying scams are very common. If you’re looking to sell your house quickly and without the help of a real estate agent, you’re at a greater risk of being scammed. With these tips, you now know some of the most common red flags to watch out for.
Keep reading our blog for more home selling tips and insights.