For most of us, our property is one of the most important assets. When it comes to selling it, we need to be very careful as a lot of money is involved. Therefore, it’s important to be aware of common scams that you may struggle with while selling your property.
Common Housing Sale Scams
- Foreign Buyer
If your buyer is abroad and wants to finalise the contract without seeing the property, it may be some type of fraud. These types of scammers won’t even ask much detail about the property. As a matter of fact, it’s very certain that anyone would like to see the “material or item” that he or she is purchasing, and when such a huge amount is involved.
- Unavailability of Buyer
The scammers generally don’t deal directly and involve some attorney in between to avoid the chances of being traced. If your buyer is also doing the same, there may be something fishy.
- Too Much Information From Buyer’s Side
Cash buyer scammers usually share account related information over the email, before even it’s asked. Moreover, they attach bank statement or financial records to email.
They also give lots of contact details related to themselves in initial email, more than you require. If all this is happening with you also, then beware!
- The Buyer is Impatient
If the buyer is very impatient to finalise the deal, there may be something dubious. Scammers are generally very eager to send money to lawyer’s account even if it is not asked. It can be an earnest money, a down payment, or even full payment of property.
- Price Reductions at Last Moment
If you are selling your property to a quick sale company where you have already negotiated the terms with buyer, but when you are about to close the deal, the buyer reduces the price at last minute.
At this time, you don’t have any other choice but to accept the offer because you have already made other plans based on the deal. Therefore, it’s important to pay attention to each detail, terms and conditions etc. that are mentioned in agreement, and if you don’t find it satisfactory, discuss and clarify the same.
Moreover, you can ask them for their registration details with govt. authorities and can check for how long company has been into existence and what are its previous records. Don’t just go by its tagline “we buy houses Boise”, and inquire properly.
- Unprofessional Buyer
If the buyer you are dealing with is trying to finalise deal verbally, there may be something fishy. If anyone is making such a huge investment, he or she would like to have everything in writing, but if your buyer is not doing the same, don’t just go with verbal communication.
Moreover, you are also advised not to sign any document without reading it carefully, else you may fall in a non escapable trap.
Hence, may sure that next time you get into any deal, you check background of company or person to whom you are selling your valuable property so that you don’t get trapped into any fraud.