House Selling Scams To Look Out For

There are many reasons that you may need to sell your home quickly, but they all share one thing in common: people who are desperate to sell are vulnerable to buyers promising to bail them out of the problem. Scam artists know this and intentionally target people who need to sell a home fast.

There are a lot of companies that buy houses who claim that they will buy your house from you in cash immediately. While some of these companies will take advantage of a vulnerable seller, many of them are legitimate and, in fact, the safest, most effective way to sell a house quickly. But be wary of individual buyers without a realtor representing them, and only work with companies that buy houses who do the following:

1. Are registered with the Better Business Bureau and/or hold other industry accreditation.

2. Provide you with references in addition to the testimonials listed on their website.

3. Have an official website, multiple employees, and an office that you can visit to meet with them.

4. Meet with you at your home before asking you to sign an official contract.

5. Don't mind if you ask a lawyer or realtor to go over the contract they've presented to you.

6. Buy your house from you in cash outright before attempting to resell it.

In addition to selling your home to legitimate companies that buys houses, you can protect yourself from house selling scams by looking out for the following common scams:

1. Equity Stripping: You transfer the home's title to the buyer, but you are never released from liability for the mortgage. The buyer pays the mortgage while using the equity you gained in the home to secure a home equity line of credit, before ceasing to pay the mortgage, which you are still legally responsible for.

2. Contract Bait and Switch: you sign a contract you haven't carefully read, or you sign amendments to a contract that significantly change the original terms of the contract without realizing it.

3. Mortgage Bailout: A buyer promises to pay your mortgage for you while you continue to rent your home from him with the promise to sell it back to you while you recover from financial hardship.

4. Buyer without Funds: A buyer gets your house under contract and knowing he does not have the money to close attempts to sell his contract to an investor with money, for a fee. Often times the deal falls apart and the seller is left with nothing.

About the Author:
Brad Chandler is the owner of Express Homebuyers, a company that can help you sell a home fast. They encourage you to look at their Express Home Buyer reviews when researching companies that sell a home fast so you can avoid falling in with a company that uses house selling scams and stick with a reputable one like EHB.

Article Originally Published On: http://www.articlesnatch.com

Tags: home buying scams

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