Selling your house for cash is a quick and painless process since the buyer does not need time to arrange financing, appraisals, and complicated documentation. According to The Ascent, cash deals can be closed faster since the buying company does not need to arrange a mortgage.
However, if you are planning to sell your house for cash, you need to be aware of the many scams in the market that can leave you out of pocket by a handsome sum, and your house would still be waiting for a new owner.
Some handy tips to avoid being scammed:
1. Check on the Buyer Before Selling Your House
Typically, the offer to buy your house will come from a business. The first thing you need to do is find out if the business exists. Don’t be fooled by a business card or a simple website but take the effort to dig deeper. Ask the buyer to verify their company on Google.
It is harder than designing and hosting a website because it is hard to fake an address and ensure it shows up on a Google search. Check the Better Business Bureau website to find out if others have complained of scams earlier. Beware of businesses shying away from providing basic information when selling your house.
2. Keep a Watch on the Buyer’s Behavior
If you find the buyer overeager or hesitating when you make reasonable requests for verification, you need to be on high alert, warns a sales consultant at We Pay U Cash for Houses.
If the investor is trying to seal the deal without giving you the time to conduct due diligence, especially if it does not seem to be interested in the condition of the property, it may be best if you step away.
When selling your house you must be on high alert if a buyer tries to rush you into signing the contract without even asking anything about the house, you also need to be careful of buyers that take their time to show documents, proof of funds, etc.
If the business is legitimate, it should have everything ready to be produced.
3. Don’t Part With Your Money or Deed Until You Close
When selling a house, the normal process is to wait till closing to receive the sale proceeds and hand over the deed. Any deviance from this order should put you on high alert.
Even if the buyer has specified that you need to pay a fee based on a percentage of the sale, you should wait till the closing to do it.
If the buyer starts demanding other fees after signing a contract, you can be sure the buyer is a fraud. It is vital not to pay anything upfront, and you must ensure you sign over the deed in the presence of your lawyer after receiving the money.
As tempting as selling your house for cash is, you must ensure you talk with a real person and not conduct the transaction over emails and messages. Dealing with a real person gives you many opportunities to ascertain the true intent of the buyer, and you can prevent yourself from being scammed.
Keywords: things to do when selling your house,process of selling your house,selling your house yourself