Are you aware of the tactics used by we buy houses scams and fake real estate buyers? You may have seen their signs plastered around town, promising to buy houses quickly and for cash, but not all of these individuals are legitimate investors. In fact, anyone can put up a sign and call themselves an investor, even if they lack knowledge of the real estate industry. While newbies can be a concern, there are more significant worries to consider.
To avoid falling prey to we buy houses scams, it’s essential to understand the flow of money in a legitimate real estate transaction. Legitimate investors will provide a free offer for your home, and you’ll only have to pay the bank if you owe money on the property. Scammers, on the other hand, will ask for hefty administrative or processing fees, leaving you out of pocket and without a buyer.
Another tip to keep in mind is that earnest money is part of the process, and investors who refuse to put down a deposit may be acting as “bird dogs” looking to make a quick buck. Legitimate investors will be happy to provide proof of funds and will only put down earnest money once they’re confident they want to buy your home.
A fake real estate buyer will also be too eager to purchase your home sight unseen, which is usually a sign of a foreign wire fraud scam. Legitimate investors will inspect your property before making an offer, particularly if the home requires extensive repairs.
Ultimately, trust your instincts and do not move forward if something seems off. You have the right to receive and entertain multiple offers, and a true home investor should help you make the best of a difficult situation. At The Walker Group, we’re happy to answer any questions you may have, free of charge. Contact us today for a professional and trustworthy real estate investment experience.
