Avoiding Predatory Home Buyers

Published on September 21, 2023

Here are some red flags to watch out for:

Too-good-to-be-true offers: If someone offers to buy your home for a lot more money than it is worth, be cautious. It could be a trick to get you to agree quickly without thinking. Have your home appraised by a professional and understand the market value.

Pushy buyers: If a buyer tries to rush you into making a decision or signing papers, that is not a good sign. Take your time and think things over.

No written agreements: Always get any offers or promises in writing. If it is not written down, it might not be real.

Strange payment requests: Be careful if a buyer asks for money or personal information upfront. Legitimate buyers usually do not do this.

Unusual fees: Some buyers may ask for strange fees or payments you have never heard of. Make sure to ask questions and understand what is being asked. Your real estate agent or a real estate lawyer can help review any contracts.

Waiving inspections: It is important to have your home inspected before selling it. If a buyer doesn’t want an inspection, they might be hiding something.

Unsolicited offers: Be cautious if someone you don’t know contacts you about buying your home without you reaching out to them first.

Too many last-minute changes: If the buyer keeps changing the terms of the deal at the last minute, it could be a sign of trouble. Stick to agreements you have already made.

Trust your gut: If something doesn’t feel right, listen to your instincts. It’s better to be safe than sorry.

Selling your home is a big decision, and you have the right to protect yourself. If you ever feel unsure or uncomfortable about a situation, don’t hesitate to seek advice from a trusted friend, family member, or real estate professional. Real estate agents are required to act in their client’s best interests. House flippers are not bound by those rules. It’s always better to be cautious and make a safe and successful sale.

In the unfortunate event that you suspect a scam or predatory behavior, don’t hesitate to report it to local law enforcement, the Better Business Bureau, or other relevant authorities. Protecting your financial well-being should always be a top priority when downsizing or selling your home.

Source: IlluminAge AgeWise