Property Scam Hoax Icon Depicting Mortgage Or Real Estate Fraud. Residential Properties Realty Swindle – 3d Illustration
You’ve decided that you’re ready to sell your home, but how can you trust someone to give you a fair estimate on your home’s value? A lot of companies and individuals are looking to buy homes to do a quick flip to make a profit, so, how do you choose the right one without being scammed?
If a company or individual comes to you and says they’re interested in buying your house, get to know that company or person by doing some research on your own. Before you trust someone, there are several factors you need to take into consideration:
- Is the company/person reputable? Do they have references that you could call or visit to ask questions about their experiences? Are they local? Do you know anyone who knows them personally? Are they listed and in good standing with the Better Business Bureau?
- Does the company have an office that you could visit? What experience do these people have in buying houses and how do other sellers feel about them and their business practices? You should be able to find reviews of the company or individual very easily online.
- Watch the buyer closely. If they seem a bit too eager to have you sign a contract without really taking the time to look at your property, that’s a red flag. A well-established, reputable investor will take the time to get to know the property to make sure it fits in with their plans. They will make a visit to the property and possibly have a home inspection done so they fully understand what they’re getting.
- Do the buyers work with a legitimate, well-established escrow company or title agency? They should have no problem showing you their license that was approved by the state insurance commissioner. Are they able to show clean title on your property?
- Ask to see the buyer’s proof of funds. They should have no problem supplying a bank statement showing that they have the funds needed to make a cash purchase or a valid mortgage commitment for the amount decided upon.
- Ask for an EMD (earnest money deposit) in either certified funds or a bank draft. A serious buyer will not refuse to put a deposit down to ensure they are serious buyers.
You also need to trust your instincts. Is there something about the buyer you just don’t trust, or like? Does the buyer appear to be trustworthy, or does he appear to be shady? Most times, it’s easy to tell a scammer by their mannerisms. Does he fidget, or is he always looking at his watch or phone? Does he look you in the eye when he’s talking to you? Do you get the impression that his conversation with you is forced, and he’d really rather be anywhere else but there with you? In this case, it’s “Let the SELLER beware”!
Follow these suggestions and you should have your sale go through without a hitch.
