When it comes to selling your home, the internet can either be your best friend, or your worst enemy. Unfortunately, the housing crisis of 2008 opened the door for a plethora of “we buy houses for cash” scammers to enter the market, leaving honest home sellers very vulnerable. Living in today’s digital age, it is more important than ever to understand the difference between a scam vs. a legitimate offer, and what to look for when shopping for offers to sell your home. Sometimes you can even be hit with ads when you’re not looking to sell your home, leaving you wondering “Why am I getting unsolicited offers to buy my house?” Not every scam is as easy to spot as the classic “Your home is worth millions if you click now!” pop ups, but there are a few tell-tale signs of a “we buy homes” ripoff that you can look out for.
1: Upfront Costs
Say you see an advertisement for “We Buy Homes For Cash” – be it a popup ad on your computer, a sign on the street, an ad on TV, etc. – so you call the number to inquire about selling your home. If the “buyer” on the other end says there’s any sort of upfront “administrative” or “processing” fee you need to pay for them to provide you with an offer, hang up! This is a sign that they’re likely a scammer and not a legitimate broker, trying to dupe you with a we buy houses ripoff scheme.
In a home sale transaction, the money should always flow towards the seller, not away. This means that any legitimate real estate buyer should not be trying to entice you to send any sort of funds to them, even in small amounts sounch at $50 or $100; after all, it is you who is selling the home!
