Cash home buying scams are becoming more and more common. If you’re thinking about selling your home, it’s important to be aware of these scams so that you don’t get taken advantage of. Here is a breakdown of three different types of cash home buying scams that you should watch out for to keep yourself safe.
A Check Scammer
One of the most common cash home buying scams is the check scam. In this scam, the buyer will send the seller a check for more than the agreed-upon purchase price. The buyer will then ask the seller to wire back the difference. However, the check will ultimately bounce, leaving the seller responsible for the entire amount. This scam is often difficult to detect, as the check may appear to be legitimate. However, there are a few red flags to watch out for.
First, the buyer may send you a check before you have even accepted a deal – always a red flag. Second, the buyer may ask for a wire transfer instead of cash or a certified check. If you’re selling your home for cash, be sure to watch out for these red flags. By following these simple tips, you can avoid becoming a victim of this common scam.
Deed Thief
When you’re ready to sell your house, you want to work with a reputable cash buyer who will give you a fair price for your home. Unfortunately, there are some unscrupulous people out there who are looking to take advantage of sellers. One of the most common scams is called deed theft. These criminals will often take the deed to the property and then sell it without ever giving the seller any money.
If you’re selling your house, beware of anyone who tries to get your personal information of yours in an attempt to steal your identity and take your deed. Also, be sure to check the local registrar’s office to make sure no one has processed a deed on your house.
Foreclosure Relief Scams
One of the most common cash home buying scams is foreclosure relief scams. In this type of scam, a so-called cash home buyer will contact a homeowner who is facing foreclosure and offer to “save” their home by paying off their mortgage.
However, the buyer typically only pays a fraction of the mortgage, leaving the homeowner responsible for the remainder. In some cases, the buyer will even ask for an upfront payment from you before helping with your mortgage and then disappear with your money. If you are facing foreclosure, it is important to beware of these types of scams and only work with reputable companies who are committed to helping you save your home.
Unfortunately, there are people out there looking to take advantage of innocent homeowners. Don’t let yourself become a victim of a scam. Be on the lookout for these three scams, and make sure you are working with reputable cash home buying companies, like the team at Flow Property Group.
Interested in learning more about the cash sale process? Find out how they handle the process from start to finish at Flow Property Group, a reliable home buying company!