For some home sellers, taking cash for their homes can sound appealing. But how can you tell if a cash offer for your Rhode Island home is a scam or a legitimate offer?
Here are a few tips to keep you safe and aware of what is and isn’t legal before selling your Rhode Island home for cash.
Your Home Isn’t for Sale, But You’re Receiving Phone Calls from People Offering to Buy It for Cash
If your home is not listed for sale, but you’re receiving phone calls from people offering to buy it for cash, it could be a scam.
In addition, solicitation can come in the form of letters and text messages.
Most of the time, these requests are coming from:
- House Flippers
- Home Scammers
Unfortunately, the majority of these people are likely trying to take advantage of you.
It will seem like they’re doing you a favor. But in reality, they trick you into believing the amount of cash they are offering is higher than what your home could sell for, banking on the fact that you have no idea what your home is worth.
Instead, they offer you less money than you could have gotten if you put it on the market. This often happens to elderly people and those who don’t know their home’s value.
Even if your home is up for sale, beware of these solicitors.
Be smart by doing your homework beforehand and having an idea of your home’s value. The best way to tell if a cash offer for your Rhode Island home is a scam is by assuming the buyer is guilty until proven innocent.
Playing the Hero Game; Friendly and Costly Cash Offer Scams
Another way you can tell if a cash offer for your Rhode Island home is a scam or not is if the buyer approaches you offering to be “your hero.”
People soliciting you with a cash offer this way tend to treat you like you’re a friend. They often say they “just want to help.” This red flag could cost you everything, including your home.
These scammers usually go after people whose homes are in foreclosure or have too many repairs to be listed for sale. If you or someone you love falls into this category, beware of the hero scam.
If your Rhode Island home is in need of extensive repairs or is under foreclosure, the best way to protect yourself from cash buyer scams is to call a professional real estate agent.
You will get the same, if not more, money when you leave it to the professionals to do things the right way and keep you protected.
The Cash Buyer Asks You to Pay Fees Before The Sale Officially Closes
If the buyer making you the cash offer wants you to pay the seller’s fees upfront, this is a huge red flag.
Typically, money doesn’t change hands in a real estate transaction until the sale officially closes. So if the buyer is asking for your financial information early on, you can be fairly certain you’re dealing with a scammer.
Related to this, you can likely assume the buyer is a scammer if they don’t provide you with an agreement that clearly outlines the fees you’ll be paying.
Both parties should agree to the terms of this contract before moving forward in the transaction.
Work With a Professional Realtor to Tell if a Cash Offer For Your Rhode Island Home is a Scam
Ultimately, the best way to tell if a cash offer for your Rhode Island home is a scam or not is by working with a trusted realtor who specializes in your local community.
They’ll be able to guide you through the home selling process and ensure you get the best deal possible for your home.
Your Home Sold Guaranteed Realty – The Nathan Clark Team can give you legitimate cash offers for your home that are completely legal, in writing, and in your timeframe– guaranteed.
By choosing to work with us, you’ll avoid falling victim to any cash offer scams.
Your Home Sold Guaranteed Realty – The Nathan Clark Team in Rhode Island can offer a legitimate cash offer for your home. We service locations all over the state, from Barrington and Bristol to Providence and Warwick.
We call it our Guaranteed Home Sale Program. To learn more about our guaranteed cash offer and how we can protect you from housing scams, call us at 401-288-3557 or fill out the form below for more information.