Every industry in the world has its share of bad actors. Real estate is no exception. There are buyers out there who look to take advantage of vulnerable sellers. They like to advertise that they’re there to help homeowners in a bind but are really just there to scam them. Not every buyer is like that though. So what sort of green flags should you be looking for that indicate that a cash home buying company is legitimate?
They Want to See Your Home
Legitimate home buying companies buy homes to make their business money. This often happens through either fixing the homes up and selling them for a profit or renting them out. Either way, they’re going to want to see your home before they buy it. It’s a crucial part of their process and is what makes it possible for them to make you a fair offer for your home. If a cash home buying company doesn’t want to see your home before making you an offer, you might want to look for a different buyer.
They Don’t Pressure You
Reputable companies don’t pressure homeowners into selling their homes. They’ll make you an offer if your home meets their criteria, but they won’t pressure you into accepting it. Legitimate companies make fair, written, no-obligation offers that they can back up with cash they already have. There aren’t any preliminary contracts or payments made. If you don’t see those things, you could be dealing with a company that isn’t as legitimate as they want you to think they are.
Money Matters Make Sense
Not everything always makes complete sense when selling your home, but money matters absolutely should. A legitimate cash home buying company should be able to provide you with proof of funding. If they mention a need for financing, something is off. No cash should be exchanged before the sale is closed. Watch out for companies that ask you to pay fees upfront. They may be trying to scam you. Legitimate companies will pay you the correct amount at the correct time. They won’t send you a check for the wrong amount without any prompting and then ask you to pay them back the excess.
It’s always a good idea to pay careful attention to how any prospective buyer is behaving when you’re getting ready to sell them your home. Green flags and red flags alike are worth paying attention to. Remember to look carefully at the company’s website and online reputation too. The more you do your due diligence and look into your buyer, the more protected you’ll be against bad actors.
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