Every industry has its bad actors that give legitimate businesses and individuals a bad name. The real estate industry is no different. Not all buyers are legitimate, an unfortunate fact that extends to cash home buying companies. You can’t afford to be taken in by a disreputable company, so what are some red flags to watch out for?
The first exposure many people had to cash buying companies was with cardstock signs that said something to the effect of, “We Buy Houses with CASH!” and a phone number. This is an incredibly cheap form of advertising and suggests that whoever is posting the signs doesn’t care enough about what they’re doing to put serious money towards advertising their business. They just want to get what they can with as little effort as possible. That’s a major red flag to watch out for.
Lack of Professionalism
Any cash buying company that takes what they do seriously will exhibit a certain level of professionalism. They’ll have a professional email and will respond to any outreach professionally. They’ll also be fine with you taking any documentation you’re presented with to a third party if you need help understanding the paperwork. A lack of professionalism on the part of a cash buying company is a red flag to watch out for. If they’re casual in their communication or dodgy about paperwork, they may be more prone to mistakes and less apt to fix them.
Mistakes Are Made
Speaking of mistakes, there are some mistakes that a quality cash buying company will never make. Some scammers scam sellers by sending too much money. They may ask you to refund a portion of what you were sent for any number of reasons, usually immediately after you deposit the check. That is a major red flag and a sure sign that you are being scammed. Sure, everyone makes mistakes from time to time, but a legitimate company won’t make these.
Knowing what to watch out for can help you avoid so much trouble. How a home sale goes can make or break the next several years of your life. Protect yourself by ensuring that you only sell your home to a reputable cash home buying company. Sure, it will take some extra work on your part to make sure the company you’re selling to is legitimate. The trouble it can save you is well worth the effort though.
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