Life @ Home eNewsletter: October 2021 for Sellers
» Seller beware of “We Buy Homes!” scams
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The signs and flyers are everywhere, and they all say the same thing: just “We buy homes!” and a number to call.
Would-be sellers can think this is an easy, fast and all-cash solution. Just pick up the phone and call! But be warned: There’s no telling who’s really on the other end of the line. Oftentimes, it’s a scam.
How it works
“We buy homes” scams vary wildly. Think of the slogan itself as bait, with many different types of fishermen trying to get you to bite.
Some scammers go for a simple cash grab. They’ll ask for an administrative fee upfront, then disappear. Or they’ll “accidentally” cut you too big of a check and ask you to wire the extra cash back. After you send the money, you learn the first check they sent you was fraudulent. You’ve been robbed.
Other scammers will persuade you to sign over the title to your home as part of the process. The “buyer” then ends up controlling the home, possibly even renting it out to tenants, but leaving you on the hook for mortgage payments.
Finally, the scammer may be something called a “bird dog.” These scammers lock you into a contract, preventing you from selling the home wh..
