You need an attorney to analyze the sales and purchase agreement before you sign them and ensure that you research about the reputation of the cash home buyer. There are many ways that tricksters use to con homeowners who are selling their home for cash. Home cash buyers who are scammers dupe people using these tricks.
The buyer who insists on paying cash has ill motives such a paying you fake money, less money or hire robbers to attack you afterward. You will not know if the money is complete or not because there will be no time to count it at that time. They buyer should use secure payment methods like a bank transfer.
Equity skimming is a method that most scammers use by convincing homeowners to transfer the deed of the house before they make payments. They wipe out the equity of the owner after the documents of ownership are transferred to them. They will either resell the house or rent it out to make a profit and later acquire a loan on it.
Buyers may fake a foreign accent to fool you into believing that they have enough money to offer you a good amount. Most of the scammers who claim to be foreigners insist on email or phone call communication but they never make a physical appearance. They look for contacts of the home that have been listed online because the owners provide their contacts for potential buyers to reach out to them. You will not know when and how they will hack your bank account and transfer your money to their bank accounts or shop online.
The intentions of the buyer should be looked into if the buyer offers you the highest offer than all the other buyers. You may get excited and rush to sing the documents before you receive payment in fear of losing a good deal only for the buyer to pay a less the agreed-upon amount of money later.
Stop hoping that the buyers will come back by looking for other buyers if the first ones cannot raise earnest money to bind the contact for they may be brokers of other buyers or they are only window shopping prices. Demand that the buyer completes the reaming amount within four or five days or you will refund the earnest payment and sell the home.
The may make several physical appearances and portray fake or rehearsed confidence to gain your trust before they make their move. The trust that you have in them is what they will take advantage of to alter the contents in the sale and purchase agreement to slightly suit them and hurry you into signing before you and your lawyer analyze the details.