Avoid the Home Buyer Scams
In this article, we will discuss how to determine if a cash home buyer is legitimate and the potential signs of a home buyer scam.
Buying and selling houses is a legitimate business that helps many home sellers get the cash they need quickly. They are also an asset to the community since a lot of the houses they buy are the houses no one else would and then spend thousands of dollars to repair and improve it. They then sell the nicely renovated home to a new family. Most cash home buying companies are ethical and help improve neighborhoods one home at a time.
As in any business, some shady and dishonest people make the industry look bad. Thankfully, they are a small minority of cash house buyers. After reading this article you should be equipped with the knowledge to avoid being a victim of a house buying scam.
Find a Legitimate Cash Home Buyer?
If you want to sell your home quickly to a legitimate DFW cash home buyer, you should start your due diligence online. A simple search will give you links to legitimate Dallas Fort Worth cash home buyers, like OutFactors.com, who have an online presence, explain their programs, provide testimonials, and offer a ton of useful information.
Key information to determine if they are legitimate:
- Is the company owned or managed by a person with a Texas real estate license?
- Has the company been in existence for an extended time period?
- Is the company BBB accredited?
- Do they use standard state-approved contracts and addendums that are easy to understand?
- Is the closing being conducted by a state-licensed title company?
- Are they willing to customize the terms of the sale to meet your specific needs?
- Do you get to choose the closing date?
- Is the earnest money deposit a minimum of one percent of the sales price?
- If you desire, will they structure the sale so you get to remain living in the home after closing?
Most importantly, do they have a local office, excellent customer service, and a willingness to answer all of your questions?
You Want these Benefits
With an established and legitimate cash home buying company, like OutFactors, you will get those exact benefits and so much more. OutFactors is among the top cash home buying companies in the DFW area and has been in business for over 19 years. We will provide you with a fair as-is offer for your home and can close in ten days or less. We listen carefully to the home seller and tailor the offer to their needs, and with our Sell and Stay Program, you can remain living in the home until you are ready to move.
Signs of a Scam
There are many different types of home buying scams but most of them have things in common that you should be aware of. Here is a list of the shady tactics that many scam home buyers tend to use.
- They will suggest a “kitchen table closing” instead of closing at a state-licensed title company or a professional law office. A closing should always be done in an office by a professional neutral third party.
- Pressure you to sign an agreement without giving you a chance to read what you are signing. A legitimate cash home buyer will make sure you read and understand everything.
- Requesting you to sign a paper where there are blanks or request you sign a signature page with nothing attached. Honest companies will never request you to sign incomplete or blank forms.
- The contract documents are not standard Texas promulgated forms. Why aren’t they using the typical forms used by everyone else?
- They pay a very small deposit directly to the seller instead of a title company or law firm.
- They have no or very limited online presence, but have small signs posted on street corners that say “We Buy Houses!” or “Cash For Your House”.
- They only create one copy of the contract with them keeping the original with a promise to get you a copy sometime later. There is a potential that they will alter the contract before providing you with your copy.
- The pressure you into selling the house, telling you that you need to make the decision today. A reputable company will never pressure a seller.
Now that you know some of the tell-tale differences between legitimate and scam cash home buyers you can avoid being scammed by asking each company these questions.
If they are running a scam, they will not have good answers or they will find an excuse to get off the phone. Most scammers are looking for a quick score and will avoid people that ask a lot of questions.
You Want to Work
with a Reputable Local Company
You will be best served by working with an honest, ethical, and reputable local company, like OutFactors. We will buy your house for a fair all cash price and close on your schedule. The easy-going people at OutFactors will answer all of your questions and put everything in writing using Texas approved contract forms, the same forms used by every real estate agent in Texas.
With OutFactors, you can get a real fair all cash offer in one day and easily have cash in your pocket in ten days. We offer very flexible contract terms that are designed to meet the needs of the seller, like our Sell and Stay Program that allows you to get the cash you need but remain living in the home. We invite you to visit OutFactors.com for additional information or if you are ready to get your free no-obligation offer click here.
We hope this video was informative and helps you find a legitimate house buying company.
539 West Commerce Street
Dallas, Texas 75208
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