"We Buy Houses"

There are “We Buy Houses Fast” or similar signs on many street corners in our neighborhoods and you may have wondered what they are about and if it is a scam. 

The short answer is maybe it is, maybe it is not. Legitimate buyers that post these signs are  “flippers” who are looking for homes in disrepair or poor condition that the owner will sell for a price below market value.  This can be advantageous for the homeowner who needs to get out of the property quickly and does not have the ability or desire to do any repairs needed for a buyer to obtain financing. 

One of the worst scams involves a buyer convincing the homeowner to sign over the title to the property.  The buyer then rents it out and pockets all of the rent money while nobody is paying the mortgage.  This can go on for years until the property goes into foreclosure and the scam is revealed. 

Another popular tactic used by con artists is to send the seller a check that is far more than the amount of the sale.  They immediately ask for a refund of the difference before the check clears.  The check will bounce of course and the homeowner has lost the money that was sent back. 

Other scams include asking the homeowner to pay a fee for the potential buyer to evaluate the property.  If someone asks for money to look at your property or wants to buy it without even seeing it, back away.  A seller should not have to pay for anything upfront.  It is also a red flag if they are rushing you or trying to get you to sign a contact right away. Never sign a deed outside of escrow and always reach out to a real estate professional if you have questions or are uncomfortable. 

Remember that if it sounds too good to be true, it probably