The scammers are in every industry and real estate is no exception. It is important to know the tricks used by the scammers before you use the services of any real estate service provider. Failure to do so can result in being scammed and losing your money. You may end up with less money than what was promised for your property. Scammers use many tricks to scam desperate house sellers. Learn about these tricks so you can avoid being scammed when selling your house for cash.
Buyer Is Not Interested in Seeing the House
A genuine buyer is never going to buy a property without visiting and inspecting it. When a buyer is ready to buy without inspecting the house, it should raise an alarm. While such companies claim that they are ready to buy even rundown houses, a genuine buyer will always check the current condition of the house before buying. The prospective buyer will make an offer only after assessing the house’s current condition. It may be in need of repairs and replacements. All those costs will be taken into account when assessing the price of the house by a prospective buyer. Anyone not interested in seeing the house has no intention of buying it.
Administrative or Processing Fees
The fee may be only $200-$500 but can you afford to lose even this amount? It is not a very high cost but ultimately you are being scammed. It is the buyer who has to pay you and not the other way around. The demand for the fee may look genuine because you are being provided a service. However, this is the service where you are supposed to receive the money for the product you are selling. If anyone demands a hefty administrative or processing fee at the outset, consider it a scam. These scammers keep scamming hundreds of desperate sellers to keep making money. Once they have your money, they will disappear in thin air.
No Track Record
You are unable to verify the credential of the company promising to buy your house. Its information cannot be found at the websites of government departments and real estate industry associations. You do not see any reviews and testimonials from genuine sellers. Be wary of reviews that look paid promotions. Check this information only at trusted review websites. Even there, the reviews must be from genuine sellers. Deal with a company that has a track record and experience in this industry.
Cash Is Not Coming
Many of these companies are simply a broker or lead generation company. They want to scam you into a contract or get your information. Once they have your information and can even get you into a contract, they start looking for a buyer. You do not receive any cash immediately as promised. You may not receive any response at all after submitting your information. The scammer may sell your information to other companies.
If you have been promised more than what you think is the prevailing price for such a property at that location, it can be a scam. You may be receiving a false promise of getting paid higher than the current market value of such a property. Keep on the lookout or such tricks used by the scammers. Learn more about these scams involving we buy any house reviews.