There are investors that pay cash for homes each day. Therefore it is quite plausible to sell your home and make a sizable profit; but it also possible to get scammed as well. Scammers are becoming more and savvier with their methods at defrauding honest agents as well as independent sellers. There are strategies that they utilize that are very obvious, while others are increasingly difficult to notice.
The following will teach you some of the tactics to be aware of when selling your home.
In most instances where a home is being bought in cash, the buyer renders a check. The seller will accept this check for deposit within their account and when fraud is being committed; a refund will be requested. The scam artist will state that they have changed their mind, and it will become the responsibility of the seller to reimburse the money. It is in this instance that the check will not clear the seller’s bank account, leaving them in a deficit after handing over the purchase amount to an “investor” that has changed their mind.
A large “red flag” when selling your home for cash is when an investor states that they do not need to see the property before placing a bid. There are instances where developers will purchase a property sight unseen due, check online for examples of this. Either way, proceed with caution.
In recently year, scam artists are utilizing email communications as a means of defrauding sellers. The emails tend to be very poorly written, which serves as a visible indication that you are being (potentially) defrauded.
According to the law, the authorities must be notified of payments greater than $10,000. Should the payment seem suspicious in any way, you must report this to the authorities as well. There have been instances where profits from illegal activities have been laundered through fraudulent real estate dealings.