3 Scams to Watch Out For: A Guide for Home Buyers

Scams are a part of life. You can’t go through your day without coming into contact with them in some way or another. Homeowners beware! Scams come in many forms and can take place anywhere, from the grocery store to online sites.

Homeowners should be aware of these scams and how they work to protect themselves from being taken advantage of.

We’ll discuss 3 different scams an individual seller could fall victim to when trying to sell their house for cash quickly. From fake buyers who want you to wire money before taking a look at the property, we’ll cover it all here.

A scam is defined as any act done to deceive to gain something of value, often money. There’re many ways a homeowner could fall victim to a scam when trying to sell their house fast for cash.

Here are 3 common scams to keep on your radar:

In this scam, a prospective buyer contacts the homeowner through an online advertising site and claims they are interested in buying their house. They send a fake cashier’s check for more than the asking price, along with instructions to wire back any overages. According to the Federal Trade Commission, fake check scams are prevalent and can result in financial losses for unsuspecting sellers.

Homeowners are told to use the funds for something specific such as taxes, repairs, or even an addition. They send their money and wait for the buyer’s check to clear at their bank.

The problem with this is that cashier’s checks can be faked as well. Once it has cleared at your bank, you’re forced to pay the difference back.

This scam is similar to the cashier’s check. A prospective buyer contacts a homeowner with an offer on their property and sends over fake escrow instructions which appear real at first glance. The American Land Title Association warns of the increasing incidents of wire fraud in real estate transactions, urging sellers to verify all wiring instructions directly with their escrow officer.

The buyer then asks you to wire them some of your money for taxes or closing costs before moving forward with the sale. They may even claim they are working with the bank.

In this scam, a prospective buyer contacts the homeowner and offers to purchase their property immediately. They claim they will pay cash for it but need some of your money as soon as possible so they can get started on certain repairs or updates.

The real issue? These “repairs” never seem to happen. Once you’ve wired them your money, they disappear, and you never hear from them again.  The Consumer Financial Protection Bureau provides resources to help homeowners identify and avoid loan-related scams.

If you’re trying to sell your house fast for cash, avoid the hassle of these scams entirely by working with a home buyer company. A reputable and professional company will already have all the money they need to purchase your home without asking for any upfront fees or deposits.

A real cash home buyer will work with you to purchase your property fast. You can find them online or in the local paper. They’re able to make you a fair all-cash offer within 24 hours after they’ve taken a look at your property.

Homeowners get paid what their home is worth in a matter of days. No need to wait for weeks or months.

Have you ever wondered, “how can I sell my house fast for cash”? Or have you ever said, “I don’t want to face a scam to sell my house”? I Will Buy House is the home buyer company you can trust! We buy your house for cash and with no extra fees or obligations. Get in touch with us now.