How To Avoid “We Buy Houses” Scams?

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How To Avoid We Buy Houses Scams?
When you are ready to sell your house in
Cincinnati, you might assume that the only way to
do so is to hire a real estate agent who will
list your house on the open market and sell it to
a buyer. However, you might be surprised to know
thats not the only way to sell a house. A real
estate investor, or cash buyer, is a person or
company that buys real estate for cash. Their
intention is to flip it and create revenue from
the sale afterward.
Doing so is a perfectly legitimate way of
purchasing real estate. However, there is a real
lack of knowledge that exists around real estate
investors which allows scammers to thrive.
Theyre able to leverage the hard work and
experience of reputable cash buyers into conning
hard-working people out of their money and houses.
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How To Avoid We Buy Houses Scams?
Selling your house as-is to a cash buyer can be a
great way to sell if you find yourself in a
situation where you need to move to or from
Cincinnati quickly, such as with relocation or
divorce. It can also come in very handy if you
are dealing with a problem situation such as mold
damage, water damage, termites, unruly tenants,
or hoarders. And if the house comes with
financial issues, such as foreclosure or tax
liens, a direct buyer is capable of purchasing
the house and removing those problems from your
concern.
All of that said its important to be aware of
what that direct buying process should look like
in order to identify the scammers who want to use
the situation against you. Heres how to avoid
We Buy Houses scams in Cincinnati.
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How To Avoid We Buy Houses Scams?
Tips to Avoid Cash For Houses Scams Can You
Prove Their Company Exists? Lets say that you
get a phone call from a person claiming to be a
real estate investor. They say they want to buy
your house in its current condition for cash and
they want to close the deal as soon as possible.
How do you know that person or their company is
legit? You might ask yourself the same question
when you see a We Buy Houses sign on the
highway and are considering giving them a call.
How can you be sure youre dealing with a
reputable investor and not a scammer? The answer
is, simply, to do a little research. Start by
asking them easy questions. What is the name of
the company? What is their actual address in or
around Memphis? Would it be possible for you to
come by for an appointment? Who is the owner of
the company? Is there a website you can look at
to learn more?
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How To Avoid We Buy Houses Scams?
Do They Keep You Waiting? A legitimate real
estate investor might offer you a deposit as a
sign of good faith. Since the investor is very
likely to purchase your house, they may want to
ensure that there is some kind of agreement in
place between you and them as they work out the
details. Its a sign of good faith on both sides,
just like with any real estate transaction.
Another way of doing this is if an investor
provides you some proof of funds, which can
ensure you that they have the money to buy your
house as theyve suggested. Its all about
creating trust between the buyer and seller so
that the transaction feels mutually beneficial.
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How To Avoid We Buy Houses Scams?
Do You Understand How the Transaction Should Work?
Perhaps the best way to spot a We Buy Houses
scam is if you personally understand how a cash
buyer transaction is supposed to work. One of the
most important details is that the money in the
transaction should always flow in the direction
of the seller and never away from the seller.
So if any real estate buyer ever asks you to give
them money, perhaps in the form of an
administration fee or processing fee, that is a
massive red flag. Not only should you not do the
deal but you may want to alert the BBB about it.
Even if this investor is asking for a small
amount of money, such as 100 or 200, that is
still completely unnecessary.
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