Are Cash-for-Houses Companies a Scam?
One of the fastest ways to sell your home is to sell it to a real estate investor. Many homeowners prefer this method because it helps them avoid foreclosure and save money on real estate commissions, expensive renovation, and repairs. Unfortunately, not all cash-for-house buyers are legitimate, and plenty of scammers exist. If you decide to sell your property to a cash-for-house buyer and want to ensure it is safe, here is what you can do to avoid scammers.
Make Sure Their Company Exists
The best way to determine whether the company exists is to research. You can start by asking them simple questions:
- What is the name of the company?
- What is the company’s actual address?
- Will it be possible to come by for an appointment?
- Who is the owner of the company?
- Does the company have a website?
Feel free to inquire further if you don’t receive the necessary answers; do not be afraid to push for more information. If the company is trustworthy and reputable, they will happily provide all the required information. In this case, if you feel uncomfortable asking these questions directly, you can always run a Google search on the company. Another good resource to check is the Better Business Bureau. It is a red flag if the company is not listed on this website.
Avoid Investors Who Are Too Eager to Buy Your House
A reputable real estate investor will want information about your house before giving you a cash offer. They need to understand the situation first. They should inspect the property, take a tour, and learn as much as possible about the house. This is a significant investment for them, so they will not rush and offer money for the home they do not know about. It is pretty unlikely that a real estate investor will give you a cash offer without even learning more about the property. That is especially true if you sell an old house or property in a less-than-stellar condition.
Stay Away From Companies That Do Not Provide Necessary Documentation
If you are dealing with a reputable investor, they will offer you a deposit or some proof of funds, which proves that they have the necessary amount to purchase your home, as they have suggested. Trustworthy real estate investment companies always want to create trust with their sellers to make the transaction mutually beneficial. However, a scammer may fail to provide the necessary documentation, a sign that they have something to hide.
Be Careful With Companies That Ask You to Pay for Something
Above all, you should understand that if you sell your home to a cash buyer, money in the transaction should always flow in your direction and never from you. Moreover, if a real estate investor asks you to pay for something (for example, a processing or administrative fee), it is most likely a scam. Do not give them your money; report them to the Better Business Bureau. It is suspicious even if an investor asks you for a small amount.
Sell Your Home to a Reliable Real Estate Investor — We Buy Houses Tulsa
When looking for a trustworthy investor to sell your property in Oklahoma, We Buy Houses Tulsa is your perfect choice. We are more than just another real estate investment company – we are a group of homeowners, just like you, who know how stressful and exhausting the selling process can be. Therefore, we will do our best to make this process as easy for you as possible. We buy houses in any condition and do not require any repairs. We are ready to purchase your property as is and pay you cash. Do not hesitate to contact us to discuss the options available.