You should be cautious with scammers by hiring an attorney to scrutinize the sales and purchase agreement before you sign them and know the reputation of the buyer before you finalize the transaction. People who sell their home for cash are exposed to several scams. Here are tricks that are scamming home cash buyers use.
Do not proceed with the transaction if the buyers insist on paying cash since the buyer can offer you fake money, less money or hire robbers to attack you afterward. You will not have the time to count all the notes and coins at once. They buyer should use secure payment methods like a bank transfer.
They may lure the homeowners into transferring the deed of the house before they make payments, and this is a common technique that they use named equity skimming. 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. Most of the scammers who claim to be foreigners insist on email or phone call communication but they never make a physical appearance. They will get your contacts online once your house is listed online. They will inquire about your bank account’s details for them to shop online or transfer the money to their accounts without your permission.
The intentions of the buyer should be looked into if the buyer offers you the highest offer than all the other buyers. 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 are brokers of other buyers or they are only window shopping prices they will not have earnest money to bind the contract hence look for another buyer. 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.
The may make several physical appearances and portray fake or rehearsed confidence to gain your trust before they make their move. The trust that you have in them is what they will take advantage of to alter the contents in the sale and purchase agreement to slightly suit them and hurry you into signing before you and your lawyer analyze the details.