Don’t Get Scammed Selling Your San Antonio Home
As one of the most expensive assets a person can acquire, real estate attracts all sorts of people. Many real estate careers start after a person realizes real estate makes money five different ways. Real estate agents sometimes become investors once they have enough capital or good enough credit to start buying and selling investment properties.
Sometimes people are willing to sacrifice the most important part of their business – integrity – in order to generate the numbers they’re looking for. Sometimes they even break the law to achieve their goals. Here are a few ways a homebuyer may not be telling you the total truth.
The “LOI” Technique
LOI stands for “Letter of Intent,” and it’s a perfectly safe way to start the sales process as long as you’re sophisticated enough to understand the risks. Using an LOI becomes a scam only when the buyer is willing to take advantage of the seller. A letter of intent gives your buyer the right to buy at a later date, assuming certain conditions are met. Scammy buyers will offer you a LOI in hopes of finding an actual buyer willing to pay more in the future.
The “scam” works like this. The buyer writes up something that looks an awful lot like a contract that says you’ll get paid for the house you think you just sold him at a later date, say 30 days from now. You need the money in 31 days. You agree to the LOI because your buyer makes you believe you’ll get paid in 30 days no matter what. The scam is you’ll only get paid if your buyer finds a real buyer who is willing to buy the house for more money than what the LOI states, thus ensuring he’ll make a tidy profit.
The catch? YOU are stuck holding the house if they can’t find such a buyer.
A legit cash buyer will often have provisional financing lined up often before they speak to you directly. Many will already be “pre-qualified” from a lender, and be ready to do business if their offer on your home is accepted.
The “Mortgage Rehab” Technique
Any time someone tells you there’s a new government program you can take advantage of in order to stave off foreclosure…all for the low, low one-time price of $399 + taxes and fees and a recurring $49 a month until your house is paid off…walk away.
It’s true that there are government programs out there to help some homeowners. But they usually don’t cost homeowners anything to take advantage of. And you should ignore anyone who offers to take advantage of these programs for you for a price.
A Cash Buyer Means Business
If you intend to sell your house, and you need it sold as fast as possible – the first, last, and only words in your mind should be “show me the money.” Not “show me the LOI” or “show me how to keep my house.”
We Buy Ugly Houses has been America’s premier homebuyer since 1996. Our trusted homebuyers will inspect your home in-person and make you an offer that won’t change at closing. No hassles. No games. Just honest business. Contact us today if you’re thinking about selling your home.