A buying houses company can definitely provide a lot of advantages to those who want to part with their house as quickly as possible. Unfortunately, there are scammer house buying companies out there. Although it can seem like the trendy thing to do to contract with a house buying firm, you probably want to know, How can I tell if this home buying company is legitimate? There are a number of red flags to look out for. If you see any of these signs, run the other way as fast as possible:
They expect a high initial fee for processing or administrative costs.
If a home buying company expects you to pay $100 to $1000 for these types of fees, then you can rest assured that they are simply going to collect your money and then change their number and disappear. A legitimate company will NEVER charge you. They will simply give you an offer for your house. Period.
Refusing to give you any type of earnest money.
When you are looking at We Buy Houses in Chattanooga ads, you should never deal with a company that will make you an offer and then refuse to pay you earnest money. A real home buying company will be happy to do this and they will also be happy to prove their funds. Someone who isn’t willing to give you earnest money is likely what is called a bird dog.That is, he is a person who is trying to sell the home to another investor, and if they don’t bite, he is likely to cancel the deal. That is why he doesn’t want to put up any earnest money.
They are willing to buy the house without sight unseen.
Be wary of anyone putting up a We Buy Houses in Chattanooga ad from a company that is eager to buy your house sight unseen. If you call the number on the ad and they bite right away, it probably means they really won’t buy the house, they are just trying to scam you out of your money (see the first point).
Keeping these red flags in mind will definitely ensure you only deal with a legitimate home investing firm.
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