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How To Avoid “We Buy Houses” Scam Companies
Posted by Matthew Boreen
on Monday, 12 September 2011 in Real Estate One Stop Shop Blog
Matthew Boreen
Founder of RealEstateSwap.com. I kiteboard, snowboard, work with robots, study AI, and play jazz clarinet.
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Today’s real estate market is full of both good and bad companies to help sellers sell their house fast. I’m sure you have seen bandit signs, billboards, or newspaper ads with “We Buy Houses” or some other sort of tag line. What are these companies? Are they legitimate and can they be trusted? Are all these companies the same?“We buy houses” companies are becoming more and more popular in the current real estate market. They have become so popular that it is extremely hard to know which companies to trust and which companies are trying to scam you. Here is a short how-to guide on avoiding “we buy houses” scam companies.
Check the BBB for accreditation, complaints, and reputation. The Better Business Bureau is a third party accreditation company that allows companies to become BBB accredited. These companies must meet certain quality standards. Within the BBB, consumers can file complaints against any company for misleading advertising, improper selling practices, or any general complaint.
Understand any and all contracts that are to be signed. When working with a “we buy houses” company, be sure to understand what kind of paperwork you sign. Some companies work to get sellers to sign a purchase contract where they tie up your property for as long as possible. The reason for this is they try to sell that contract to anyone who can pay more to make a quick profit. There are many inexperienced investors who buy online programs or seminars that do not have the cash to purchase your house. To make up for this, they are taught to put your house under contract for a certain price and then find someone else to pay more. This means make sure someone is using their own cash to buy your house or they may simply back out and waste your time when they can’t find someone to purchase the house from them.
Find the investors or companies who actually pay cash for houses. Using the Internet to find a “we buy houses” company can be a extremely daunting task. There are thousands of websites that claim the same thing. Not knowing which companies actually pay cash for homes or which companies are trying to scam you will make it hard to decide if it’s worth your time. Not only are there companies who try and scam you, there are also companies who will take your info and send it out to as many other investors or Realtors as possible. These companies get paid for selling your information. Typically these investors are new and inexperienced people who have never bought a house before.
In conclusion, the best way to make sure you find a “we buy houses” company that is credible is to find out if they are the ones buying your house. Make sure you clearly ask if they have money. If they can’t typically close in less than two weeks, this should be a sign they are lying to you. If you ever need a cash offer, we would love the chance to prove we’re better than the industry standard at the link below.
Understand any and all contracts that are to be signed. When working with a “we buy houses” company, be sure to understand what kind of paperwork you sign. Some companies work to get sellers to sign a purchase contract where they tie up your property for as long as possible. The reason for this is they try to sell that contract to anyone who can pay more to make a quick profit. There are many inexperienced investors who buy online programs or seminars that do not have the cash to purchase your house. To make up for this, they are taught to put your house under contract for a certain price and then find someone else to pay more. This means make sure someone is using their own cash to buy your house or they may simply back out and waste your time when they can’t find someone to purchase the house from them.
Find the investors or companies who actually pay cash for houses. Using the Internet to find a “we buy houses” company can be a extremely daunting task. There are thousands of websites that claim the same thing. Not knowing which companies actually pay cash for homes or which companies are trying to scam you will make it hard to decide if it’s worth your time. Not only are there companies who try and scam you, there are also companies who will take your info and send it out to as many other investors or Realtors as possible. These companies get paid for selling your information. Typically these investors are new and inexperienced people who have never bought a house before.
In conclusion, the best way to make sure you find a “we buy houses” company that is credible is to find out if they are the ones buying your house. Make sure you clearly ask if they have money. If they can’t typically close in less than two weeks, this should be a sign they are lying to you. If you ever need a cash offer, we would love the chance to prove we’re better than the industry standard at the link below.
Tags: investors buy homes, real estate, sell home fast, sell house fast, sell your house fast, we buy home, we buy homes, we buy house, we buy house scam, we buy houses, we buy houses scam
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