People have been duped by fake realtors and scamming cash home buyers hence nowhere is safe but to protect yourself. Allow your friends and family to refer you to reputable cash home buyers as your first precaution. Never agree to verbal agreements because you need evidence the transaction hence put in in witting. This is how you identify a fake cash home buyer.
People have been scammed because scammers made them excited and encourage them into signing the sale and purchase contracts without giving them time to evaluate their decisions. When you get your payment, the buyers would have sent you less the amount you agreed on and give you excuses like a fall of the market price of your house. You will have other option than to dance to their music because you they have evidence that you signed the sale and purchase agreements which will be a disadvantage to you in court. To avoid getting into this situation, request for two percent of the buying price as the earnest money payment. Earnest money payment will prove to you how serious and honest they are with the transaction because this payment is made for the seller to hold the property for the buyer. You should get alerted when the buyer cannot make the earnest money payment because that is a sign that the buyer has no money to buy your home. 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 insist that you transfer the deed and wait for payment because they will make it easy for them to swipe the equity of your home. 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. You are left with more than enough trouble because you have to pay a loan that you did not benefit from to rebuild your credit score or the blender will take the home from you.
The bait and switch is an old trick that scammers use over and over again. The scammer has the confidence to win the trust of the buyer because they are unsuspectingly professional, inspect the home and give you a market price offer.
You will not realize the small changes that the scammer will make in the contracts of sale and purchase to steal from you once they have your trust because that trust will make you assume to go through the contracts keenly. 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.
Not all foreign cash home buyers are scammers, but some have faked the ascent or are truly foreign scammers. Most of the scammers to claim to be foreigners communicate strictly via email or phone calls and convince you that they came across your home on an online listing. These ones nee you bank account’s information for them to steal directly from your account.