“I will buy your home for cash” – Legit or Scam?

Exploiting FOMO (Fear Of Missing Out) and a historically low inventory, the “cash for homes” business has exploded in the past year. Add a pinch of COVID related insecurity and you have a recipe for opportunity. The question is whether the offers and the business behind them are legit, or the work of scam artists.

Legit or Scam

For every legit opportunity there are many scams. Especially if the opportunity is lucrative. However, “Cash for your home” is a tried and proven real estate investor method. Selling your house as-is can be a great alternative to hiring a realtor. It is quick, and comes in handy when dealing with problem situations that require money to get fixed.
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If you are a real estate investor, it is important to know how you can set yourself apart from scam artists, intent on conning people out of their money and houses. Here are a few tips:

How To Set Yourself Apart

Know how to market your services. “We buy houses” on a written piece of paper stuck to a traffic light is not sending a message of legitimacy.

• Have a company – with an address (not your home, get a mailbox with an address), a website and a business card.
• Offer to visit the homeowner.
• Be ready to answer questions – how will you buy, have you done this before, are you affiliated with some organization.
• Ask the seller questions. A reputable real estate investor needs information before they can make an offer. Don’t be too eager or make the seller sign something on the spot.
• Have your Proof of Funding document ready to show the seller.

Know Your Audience

Running any business is hard at best, but real estate has been particularly challenging this past year. It is essential for investors to know the changed landscape, and adopt an approach that addresses peoples’ concerns. A good transaction must be a win for the sellers and a win for you.