Walk down any street and you’re bound to come across a sign advertising a company claiming they buy houses for cash, guaranteeing a quick cash offer for any home in any condition. For the skeptical, it sounds too good to be true; for the homeowner that needs to sell a house fast, it sounds like a dream come true. Can you trust any of these companies or should you assume every “We Buy Houses for Cash” claim is a total scam?
To be honest, a lot of these companies are scams.
When you spot these signs, do they raise a major red flag? There’s a reason for that. Plenty of sell-your-house-quick scams are out there just waiting to rip off unsuspecting targets. Preying on homeowners in a difficult or desperate financial situation, they hope to earn a quick payout before sellers realize they’ve fallen victim to their scheme.
Spotting a Scam
Not all companies that buy houses for cash are scams. If you can recognize the early warning signs of a scam, you can easily avoid them. One of the most tell-tale signs is if the advertisement only lists a phone number. Normally you would just assume this is the company’s phone number, but it’s usually not. They’re most likely using this number as a ‘burner number’ via a service such as Google Voice that makes it untraceable. Once the number is compromised (i.e. there are too many victims trying to get their money back), the scammers will change the number with a few taps of their smartphone and create a new, untraceable number that can now be displayed on more “We Buy Houses for Cash” signs.
Other con artists put a little more effort into tricking their victims by using a company name and phone number. To gauge if a company is legitimate or not, do some research and find quick answers to a couple crucial questions. Can I contact the company directly? And do they have an accessible company website, where testimonials and reviews of their work history can be found? If one or both answers are no, walk away.
How do legitimate “We Buy Houses for Cash” companies work?
Honest companies seek out sellers who need to sell their home fast, regardless of their reasons for doing so. As soon as direct contact is made with a legitimate company, the following process will be explained upfront with the seller: the company will purchase the home for under market value in exchange for expediting the selling process (a caveat to selling the home fast). If the seller agrees, a representative from the company will schedule a time to estimate the value of the home. From there, the company rep will come up with a fair, quick cash offer while ensuring that they get the home at a good price. The company will flip the home and sell it for profit. The seller will receive cash within days, the buying company will get a return once they invest and sell the home – it’s a win-win situation for everyone.
Are you the type of seller they are looking for?
You could be! Legitimate ‘We Buy Houses for Cash’ companies are helpful to homeowners in a variety of situations. Those facing foreclosure may want to sell their home before foreclosing proceedings begin. Those no longer wanting to own and manage rental properties may just want to get out and wipe their hands clean of the properties. A common situation we’ve encountered many times here at Forte Real Estate is a family has inherited a home from a loved one who had a hoarding disorder. A quick cash home sale is ideal in this situation because the family can sell the home quickly and in as-is condition.
Can I benefit?
If you’re curious about selling your home fast, but not sure if a legitimate buy houses for cash company is right for your situation, contact us at Forte Real Estate today! Discover why so many homeowners have benefited from selling their home quickly for a fair cash price. No matter the condition, we will provide an offer on your home within an hour, guaranteed. Reach out to us today and we’ll take that property off your hands!