You may earn good returns even when you sell your home for cash. Cash is often considered to be the favorite mode of payment by a few investors for each home they purchase. Cash can easily be transported by car and handed over to the property owner soon after the bargain is over.
Home sellers that wish to retain a good prospect find it easier to seal the deal when they transact by way of cash. Most of these sellers aren’t willing to pay anything to the real estate agents and put a For Sale by Owner sign.
For the buyers it’s also a good opportunity to avoid paying the brokers; they may earn a good discount from the seller out of the latter’s savings.
Both the buyers and sellers bear the risks of experiencing scams posed by con artists. With each day scan artists are creating new scopes of forfeiting the hard-earned money of real estate brokers and home sellers. With time these con artists have turned savvier in utilizing every opportunity they get.
Most of the strategies used by them can’t be detected easily and seem more subtle, although a few strategies seem so obvious. Con buyers are known to play safe; you won’t really stand a chance to detect their presence by the time you actually realize the fallout. That’s why it’s truly important for you to identify an honest buyer and study the tactics used by crooks that wish to play tricks on you.
On the contrary, it’s simple for a buyer to identify a legitimate property owner; things tend to be simpler when the buyer chooses an FSBO property. Visit this For Sale by Owner website to check all legitimate home selling offers.
Check Rendered
There are some instances of fraud involving checks rendered by the buyer. Once the buyers check gets deposited in the bank, the buyer quickly changes his mind and requests a refund. Upon making a refund, the seller finds out that the buyers check gets dishonored by the bank. The seller shouldn’t make a refund till the buyers check gets cleared.
Sight Not Checked
There are also a few instances wherein the buyer never finds time to check his chosen property. Although this doesn’t give you a clear indication that the buyer is a scam artist, but you must look into the matter.
Communication via Email
Email communication is one of the latest modes of committing frauds. Real estate professionals receive email notification from fraudsters conveying their interest in specific properties. The way the content was written clearly suggested that the emails were written by fraudsters. The facts concerning such notifications were clearly understood by the real estate brokers; most of these notifications reflected a poor intent to buy such properties in real terms. However, there were a few instances wherein the buyers seemed justifiable. Statements acting as proof of funds and passports appeared to be legitimate when they were submitted with the broker. Under such circumstances, you’ll need to trace the origin of the money and see that it actually gets transferred to your bank account before you make a move.
Suspicious Payments
Cash payments beyond $10,000 ought to be reported by all businesses. Such transactions aren’t considered to be legitimate by the authorities. Authorities may trace all payments that appear from suspicious sources. When cash payments concerning a property seem fraudulent in nature, you must report it to the law enforcement. The money could have originated from illegitimate sources e.g. money laundering. Such instances might cause you to lose your property at a later stage.
Free of Hassles
Legitimacy of a property transfer may seem questionable even when the purchase is hassle-free. It’s typical for a buyer to initiate a bargain; when a buyer’s avoids negotiation, it’s a point of suspicion.
Author BIO:
Billy Jones is a real estate broker and online property reviewer. He has expressed his concerns over illegal property transactions and their fallouts over online forums and property review sites. His reviews might work in the best of your interests.