How to Avoid Selling Your Inherited House to a Bad Cash Buyer
Selling a home is a big enough of a transaction that people should know not to trust anyone easily with the process, but you’d be surprised.
In home sales, especially when it comes to inherited properties, there are many predatory companies who are on the lookout for the next big payday – a home seller who would stop at nothing to get a property off of their hands, even if that means getting themselves scammed out of a good deal because they couldn’t stay objective.
Remember, home sales attract all sorts of people, including untrustworthy professionals who will do everything to trick you into signing a deal that favours them and leaves you dry.
How does that happen?
Well, for starters, they smooth talk you into thinking that your home is prime for selling and promise you that they’ll get it off the market fast. You, being someone who wants the property off of your hands as soon as possible, believe them, because, why not?
Once the two of you have talked things out, they give you a contract to help formalize the process. You take a look at the contrast first and after seeing that it checks out, you sign. But, no more than a few days later, you find out that something happened to the documents that you initially signed and they ask you to sign again, and then again, and then again, with each signing meant to catch you off your guard until you finally sign a contrast without looking over it that clearly has THEIR best interests in mind.
What happens next is a horror story you don’t want to find yourself being the main character of: you end up losing your inherited property for basically nothing while still being left to pay for the mortgage balance.
How to Sell Your House Fast Using a Trusted Cash Buying Company
If you want to avoid selling your house to professional scam artists disguising themselves as cash buying companies, below are a couple of tips to keep in mind.
1. Watch out for anything that seems suspicious
This may sound obvious, but too many people fall for scam companies.
One of the most common contracts that these companies will have you sign is having the ownership of the property transferred to them while leaving the mortgage payments for you to worry about.
It’s also fairly common for these companies to try and get you to pay upfront for something. It may not be large, and it the bill may be small, but don’t do it. The thing is, when you’re selling a property, you very rarely have to pay for anything upfront if at all.
During a traditional sales process, you don’t pay for fees before the process begins – you do it during or after.
If the cash buyer asks you to pay for something upfront, avoid them like the plague.
2. Do a background check on the cash buyer
Check if the cash buyer has a legitimate address with an office, or if they’re registered in the state where you live in.
If both checks out, try to see if you can find out how long they have been in business.
A legitimate cash buyer will yield positive answers all three of these questions if and when you do a background search on them. If not, then you may want to pass.
3. Try to determine if they’re worth trusting or not
Gone are the days when you’ll have a hard time doing research on any local company. These days, all you have to do is to go online.
Legitimate companies don’t just have offices, or are registered, or have been in the business for too long, they’re also everywhere online.
Given how tight the competition is in the real estate market today, cash buyers who are out for your best interests will be all over social media and the internet trying to find people who would like to sell their properties fast.
If you can’t find any proof of them being a professionally-run and established business online, then that’s a huge red flag.
Thankfully, here are at Cash Buyers New Jersey, we buy houses NJ cash through a legitimate process.
We are the legal answer to the question, “how do I sell my house?”, and the best part is that we’re always after your best interests. We won’t push you into taking a deal that we know isn’t suited for your preferences.
All we do is send you an offer, lay it out as it is, and if you sign it, that’s it – your inherited house is as good as ours and the cash is as good as yours already.