It is easy to sell your property for cash and get good prices as some investors pay cash for each property they purchase. However, sometimes there is possibility of getting scammed.
Nowadays, scam artists are becoming cleverer when it’s about defrauding genuine sellers and estate professionals out of their hard-earned money. Few strategies are quite obvious, however others are quite subtle and are not easily detectable. Most of the scammers do it from distance , therefore the sellers are not near when the scams occur.
Important Points With Regard To Cash Sales of Home
- Cheque Payment
In most of the fraud cases, when the home is to be sold for cash, the buyer gives payment in cheque instead of cash. In such cases, the real estate professional or seller accepts and deposits the cheque. Later on, the buyer may change his/her mind and ask you for refund.
And in certain situations, the cheque may not get cleared in bank, and ultimately, the seller or estate professional is out of the money. Therefore, make sure that you never sell your property for cheque and always take cash payment.
- Unseen Sight
Another situation which can make your house’ cash sale difficult is when the buyer is not willing to see the property. This doesn’t mean that the buyer is necessarily a scam artist however it’s a indicator of potential risk. Therefore, you should proceed cautiously when the buyer passes on seeing the property.
- Communication through Email
More than 50 percent scams occur due to email communications. Scammers generally notify estate professionals through emails that they desire to purchase certain properties. It has been noted by many agents that the emails were surely fraudulent with a poorly written content.
It is pretty obvious that such emails are from people who have no intention of buying the property noted. In one such case, however, the potential buyer seemed honest. He shared the documents which appeared to be original and genuine, like a proof of funds statement and a copy of passport.
In any such case, you should follow the money aisle and make sure that the amount is in your bank account before handing over original copy of your property’s documents. You can visit http://www.mbhomebuyers.comfor a better home selling solution.
- Suspicious Payment
As per the law, businesses are required to report the authorities about any cash payment for more than $10,000. Indeed, any payment which appears to be suspicious has to be reported to authorities.
Therefore, don’t hesitate to see the law enforcement if you have suspicion of fraud on account of a cash payment for property. The money can originate from unauthorized activities, like money laundering and the sale of drugs. If such case is there, you may lose your home.
This guide will give you few tactics for ensuring that you are selling your property to a genuine buyer. You can click mbhomebuyers.com for a reliable real estate solution provider company.