How to Make Sure a Home Buyer is Legitimate
One thing you have to worry about when you are selling your home is the potential that you might get scammed. To avoid that problem, you want to make sure that you only work with legitimate home buyers. There are a few things that you can do to help ensure that the home buyer you are working with is legitimate and that the sale of your home will be able to successfully go through.
How to Make Sure a Home Buyer is Legitimate:
Work With an Agent
One of the best things you can do to help yourself ensure your home buyer is legitimate is to work with a realtor you trust. Realtors and real estate agents have a lot of experience in the field, and they have a good idea of what to look out for as red flags. Talking with them and using their expertise will help you to choose a buyer that is legitimately interested in your property. That can save you a ton of trouble, time and money that you could have wasted if you were scammed.
Make Sure They Have the Money
Next, you want to make sure that the buyer has the money for the loan. The main way to check for this is to look for either a cash offer or evidence that they have been approved for a loan. Cash buyers should have no issue proving that they have the funds, and any serious buyer who is taking out a loan should have an approval letter from their lender. If a buyer can’t show you proof that they have approval or the cash, you should move on to a new buyer.
How to Make Sure a Home Buyer is Legitimate:
Require Earnest Money
One of the best tools available for determining a buyer’s seriousness is earnest money. Earnest money is a small portion of the down payment that shows that the buyer is invested in purchasing your property. If a buyer refuses to pay their earnest money, it is a serious red flag that you need to be on the lookout for. Your realtor should be able to help with this portion and the amount of earnest money the buyers need to pay will be in the contract.
Protecting yourself from scams and buyers who might waste your time is important. With a good vetting process, you can make sure that you are working with a qualified buyer. That will make the process a little easier and less stressful for you.
Check out this article on situations that can hold up a real estate transaction!
Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.
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