9 Ways Your Cash Home Sale Could Be Scammed

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Cash home buyers Atlanta can be a lifeline to owners who desperately want to sell their homes and want to get out of their loans as quickly as possible. But, there are many fake cash home buyers who show up and promise to help the homeowners with their mortgage dilemma but take advantage of their situation and gain cash from their house. Due to this, the homeowners might lose rights to their homes and still be responsible for paying the loan amounts.

Scam 1 

The Distant Account Scam

When you’ve closed the deal on your new home and receive an email saying you have to transfer the money to an account at some distant bank, the account might belong to someone who has successfully hacked the title information. If you fall for such people, you’ll end up losing the money as well as the house. Do not release any payments before cross-verifying all the information. Call your agent immediately if there are any changes or if you receive emails regarding the same.

Scam 2 

The Apartment You Can’t See

Your agent might tell you that an apartment is not officially declared to be on sale, and you can only see pictures and videos online. If you’re eager to finalize the deal, you quickly transfer the deposit money, and when it’s time to hand over the keys, the agent doesn’t respond and disappears. Never buy a house or an apartment without visiting it in person or without visiting the agent’s office and asking for references.

Scam 3

Hiding A Major Problem

There might be a major problem with the house, and the agent will try to hide that problem like mold growth in the living room or bedroom or sinkholes by simply doing a cosmetic fix. The agent might avoid disclosing that information in the statement. To avoid this situation, make sure a trusted and reliable inspector inspects the entire property. Ensure that he visits the property in person and checks the flooring and paint jobs to identify potential problems.

Scam 4

The Lousy Loan

Once you’ve bought a house, an unknown company might contact you, make big promises like fewer monthly payments, and ask for a fee in return and your bank account details. If you give away any information, you might suffer from a loss. Hence, never answer any unsolicited offers by unknown companies or people. If you wish to make any changes in your monthly payment methods, directly contact a reputed bank in person or by calling them. 

Scam 5

The Foreclosure Debacle.

In times of financial crisis, suppose a house owner lists his property for rent or sale, you try to finalize the deal and accept the offer only to realize that it was a fraud. Be careful and mindful of the property and the owner before accepting the offer, and also get in touch with a country recorder who will know if there are any notices filed against the house. 

Scam 6

The Holiday Switcheroo

With a locksmith’s help, a scammer gets access to a home when the homeowner is out on vacation. You are offered the same house with certain conditions, and the agent asks you to pay a few installments beforehand. The entire scam is revealed when the actual homeowner comes back and sees you in their house. To avoid this, conduct a thorough background check of your agent before deciding to accept the offer. 

Scam 7

The Secret Superhighway

You relocate to a new city and are eager to buy a house as soon as possible. As soon as you move in, the city authorities begin constructing a new interstate exit just behind your house. To avoid this, you should first talk to the city councilor, conduct some research online and speak with neighbors if possible.

Scam 8

The Cash Launder Scam 

Consider a situation in which a foreign buyer wishes to buy a house immediately and willingly offers the entire amount in cash and doesn’t ask for any information. You think that you’re too lucky and accept the deal but later find out that the buyer is using your house for illegal activities. Hence conduct extra research on people who offer to pay the entire amount in cash. 

Scam 9

Equity Skimming

In this type of scam, scammers try to convince the buyers to transfer their deed of the home to their name, and in return, they promise to offer a large sum of money when the house is sold or take over your mortgage payment. However, the scammer will allow you to live inside the home. You only need to pay a monthly payment, like any other rental home. In case you move out, the scammers might rent the house to another family. This way, they make money on monthly payments and use the equity to get a loan. They can also sell your house to another party after that. Once the scammer makes all the money from the property, they stop paying their mortgage payments, and you’ll still be responsible for these payments.

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Life after college in 2014 has seen Tara propel herself wholeheartedly into the Technology new and fitness industry. Information is never enough for this blogger who enthusiastically ticks her elaborate checklist at each drive. Her drive for technology makes her upbeat. She can instantly recommend the best phone for you, or can be found running around the nearest park with the latest fitness tech strapped to his wrist, head or any other applicable body part.

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