A quick home sale to a buyer could be a scam

With a hot real estate market, the idea of selling your home in order to make money is tempting. And, there are buyers everywhere.

The low inventory has some offering cash on the spot. But, if you receive an offer, make sure to do your homework first.

Some offer cash even for homes that aren’t for sale. While those buyers can be legitimate, others could be scammers. Make sure you know the true value of your home before making any sales.

Try not to be taken advantage of by investors that want to manipulate you into making a quick decision.

Bryan Oglesby is with the Better Business Bureau and says you could get a text message or a knock on the door from someone waiting to buy your house immediately.

“This is a time where we really need to stop and do some homework and research know the difference between selling through traditional real estate agents to brokers, maybe even a real estate investor or third party online sites that give you cash on the spot,” Oglesby said.

“It’s important to understand who it is you’re doing business with. Take the time to research understand the true value of your home. And be careful of accepting an offer that’s given to you on the spot without knowing ahead of time what your house worth truly is,” said Oglesby.

If you’re considering one of those quick offers, remember these tips:

  • think about the time constraints
  • factor in the prep work that will need to be done
  • research the company that is making the offer
  • be aware of home investor scams
  • consider alternative options

There may become a time where you want to do a quick sale, but you should never have to pay any money to a potential buyer in advance. Don’t ever pay with on-traditional methods such as gift cards.

Reporter:Rich Kolko
Writer:Drew Hill
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