Are home buying companies legitimate? Yes, but there are a few bad apples like any other business. This is why, when looking for companies that buy houses for cash, and you’ll need to do your due diligence. Ensure the one you are dealing with is legitimate before providing sensitive info, signing anything, or sending money.
Companies That Buy Homes for Cash – Best Cash Offer Guaranteed
Here are some things you can do to make sure we buy homes for cash company you are dealing with is legal:
Make Sure Their Company Exists
Do your research. It won’t take much effort and time. If you got a call from someone saying they’re local house buyers, ask basic questions. What’s the name of their company? What’s their actual address? Who owns the company? Do they have a website you can look at? A legitimate real estate company wouldn’t mind providing you with all these details to make your mind at ease. It’s an instant red flag if the one you’re talking to couldn’t give answers to these simple questions.
You can make a Google search to confirm if the home buying companies are valid. You can look them up on the Better Business Bureau (BBB+) website. If the buy your house for cash companies is unlisted, that’s another red flag.
Understand The Money Flow in a Legit Real Estate Transaction
Remember that money does not flow from you, the seller, to the buyer. It’s always from the buyers to you. Scammers usually ask for high processing fees, and the next thing you know, they have run away with your money.
A legitimate Ohio cash buyer will give you an offer for free. You will then decide if you accept or decline it. Once you receive the offer, you’ll get the cash. Of course, you may have to pay some money to the bank if you still owe money on the house, but you’re not going to shell out any cash to sell the house.
Wait Until Closing Before Exchanging Money and Signing Over The Deed
The only order that should follow is this: The buyer gives you money, then you sign over the deed. If the companies that buy your house want to do things differently, that’s an automatic red flag. Never pay anything upfront, too, even if the fee seems reasonable. You may encounter terms such as service charges or market risk fees. These so-called fees may be a way for a scammer to get cash out of you.
Also, keep in mind that signing over the deed is only done during closing with the presence of a real estate attorney. So if the home buying companies want you to sign it over before close, say No. Another thing to remember is not to sign anything until you have money in hand or have consulted a lawyer.
The home buying companies are the ones to go to if you want to sell a home fast without hiring a real estate agent or doing any upgrades or repairs since these companies buy houses as-is. You have to make sure you are dealing with reputable companies that buy houses for cash near you. The three things mentioned above can help you avoid illegitimate ones.