If you are running way from fake cash home buyers, you may come across fake realtors too; hence the solution is to know how to identify a scamming cash home buyer so that you are not tricked. Allow your friends and family to refer you to reputable cash home buyers as your first precaution. Verbal agreements are not recommended even if they are recorded hence insist on signing written hard copies. Cash home buyers who want to scam you use these lies.
Scammers use the highest offer tactic to get you excited because, in that excitement, they can rush you to signing the sale and purchase agreements that you have not scrutinized. The scammers will find so many excuses to give you when it comes to payment because they will pay you less the amount of money that you bargained for without consulting you. You are on the losing end in this scenario because you will have no evidence that you were duped when your signature is on the sale and purchase contracts. To avoid getting into this situation, request for two percent of the buying price as the earnest money payment. Earnest money payment will bind the contract because it proves that they intend to buy the home; therefore, you should reserve it for them. A buyer who has no money will not be able to pay the earnest money payment, and that will be a warning sign for you to look out for. Demand that the buyer completes the reaming amount within four or five days or you will refund the earnest payment and sell the home.
Other scammers refer to use equity scheming mischief. The scammers promise to pay after you transfer the deed because they want to swipe your equity. Blacklist them, delete their contacts, do anything to stop communication with them forever. The scammers will rent out your property and make money out of it, secure a loan with it or resell the home without paying you. The scammer leaves you in hot soup because you will have no choice but to pay the loan to save your credit score or the loan provider will liquidate it to get their money.
Most people who have been duped were exposed to the bait and switch trick. The scammers are confident and luring with the aim of winning the trust of the buyer because they act professional, will come to inspect the home and present an offer to you.
The confidence of the scammers and the trust that you give them will not make you not to notice the few changes that they make in the sale and purchase agreement to suit their scamming intentions. Before you sign any document, read it several times or hire a transferring lawyer to go through it and sign it in the presence of your transferring lawyer.
The buyer can claim to be foreign, and that ma impress you because foreigners are known to have money, right? Most foreign scammers will never show their faces but communicate online through emails and calls with the convincing language of how they are interested in your property after seeing it listed online. These are cyber criminals who will hack your bank account and transfer your money to themselves without your knowledge hence never give them your bank account’s information.