Fake Buyers: What Are They & How to Avoid Them
The real estate industry is also a victim of scammers. Fake buyers can destroy your home selling process by negatively affecting all the parties involved and cause a logistical and administrative nightmare. Every second counts when it comes to selling your property, that’s why we’ll teach you how to spot fake buyers before you end up wasting your time and energy in an unpleasant experience.
What Is a Fake Buyer?
Fake buyers are individuals who make cash offers for a property when they’re well aware that they don’t have the financial resources to pay for it, nor will be able to raise the funds to close the deal. It’s hard to determine what are the exact reasons why someone would do such a thing, or what they’re trying to accomplish, especially because the property never gets transferred to them anyway.
How to Spot Fake Buyers
There are some patterns that characterize a fake home buyer. Normally, they don’t negotiate the price of the property and are always willing to pay the full price. They show interest in many properties at the same time and become very specific about their requirements to buy the house. Besides, they’re always in a rush to conclude the transaction.
However, even though they’re a little predictable, they’re also very well informed about the market and the home selling process. This makes them exceptionally convincing and difficult to spot, which is why you must make sure to follow our recommendations to avoid being tricked by a fake buyer.
How to Avoid the Scammers
If you want a smooth home selling experience without frustrating and stressing setbacks, then you must keep your eyes opened for scammers. Regardless of how attractive the offer is, don’t take it yet. It’s better to make sure everything is under control or you may get disappointed at the end. Let’s explore some tips stay away from fake buyers:
- Keep the Marketing Going
Just because you have a good offer, don’t prevent other prospective buyers from considering your property. Continue your marketing strategy until a transaction is completed or you have solid guarantee from a homebuyer. Labeling your home as “Sold” when the process isn’t actually culminated may lead to the loss of good potential offers.
- Documentation Is Key
Make your home buyer sign a contract when they agree to purchase the property and never give occupation to a buyer unless the documentation is complete. We recommend getting the help of an experienced attorney for this step.
- Your Deposit Comes First
The best way to avoid long waiting times is prioritizing your deposit to get it as soon as possible. For this, you must insist on a deposit payable within a short period of time. Three of five days is acceptable enough for the buyer to fulfill the transaction.
- Don’t Make Any Changes
Don’t change any aspect of your property until you get your deposit. Even when the buyer specifically asked you to improve certain aspects, you must respectfully indicate that no alterations can be made without a solid guarantee from the buyer.
- Ask for Funds Information
As the seller, you have the right to request proof of funds to any person who demonstrates interest in your property. Don’t accept the offer unless you prove the existence of the funds.
- Wait Before Buying Another Property
As we previously mentioned, it’s not good to assume your house is sold before actually having the money in your hands. Therefore, we recommend waiting before acquiring another property. This way if the transaction doesn’t happen you won’t have to deal with the negative financial impact this represents.
Sell Your Home Without Dealing With Scammers
If you want to avoid fake buyers at all cost, we’ve got great news for you. There’s an easier and reliable way to sell your home fast for cash: Home buying companies. These companies can purchase your property for a fair price and they charge no commissions, fees, or closing costs. Besides, no reparations are required and you can get your cash at the time you require.
Choose the Experts
Looking for the most reliable and efficient way to sell your property? Look no further than Lynk Home Buyers. We’re ready to buy your house no matter its condition, for a fair all-cash offer. You just need to contact us today and you’ll receive your offer in just 24 hours. No costs, no hassle, no obligation. Don’t let this opportunity pass you by and contact the experts now.