Selling To A Cash Buyer
What Do You Need To Know?
There are a lot of people who claim to be “real estate investors” or “cash buyers” but do not have the ability to perform on the promises that they’re making to sellers.
In reality, they’ve watched a few videos online and have little to no experience buying houses. They are wholesalers who use deceitful tactics in an attempt to take advantage of homeowners to make a quick profit.
Wholesalers do not intend to close on the property but hope to resell the contract for a profit. If they are unable to find an end-buyer, they will simply cancel the contract and disappear… leaving the seller disappointed and wasting valuable time.
Follow these tips and you are likely to find a true cash buyer.
Always Ask For Proof of Funds
This should come from a current bank statement. Cash buyers have actual cash on hand.
Watch Out For “And or Assigns”The usage of this phrase as a part of the buyer on a contract is a red flag that the “buyer” intends to try to flip the contract rather than close on the transaction.
Ask If They Intend To Close or Resale the Contract
Wholesalers are not used to dealing with educated sellers and will quickly show their true intentions.