Planning on selling your home soon? While it should be a straightforward process—especially with a professional agent—there are some real estate scams to be on the lookout for as a seller. Here’s what you should be aware of.
What types of scams should I look for as a seller?
Fake foreign buyers. If a buyer offers cash for your home but is overseas, they could offer to send a cheque to begin the sale. They may then say they made a mistake with the amount, ask for a refund after you’ve deposited it, but then the cheque will bounce after you’ve sent them the money.
‘We want to buy your house for cash’. These scammers target people who want to sell their home fast by offering a quick cash sale. However, they may ask for the title or deed to be signed over before any money is transferred—and payment will never be made.
‘We want to purchase a home in your area’. You may receive calls, texts, or flyers from someone claiming they want to purchase a home in your neighbourhood privately. However, a buyer should work with an agent to provide a legitimate offer on your home, and these scammers may be trying to get personal information about you or your property.
How can I protect myself as a seller from real estate scams?
Be cautious when dealing with payment. Never sign anything without payment, a signed contract, or proof of funds in place when dealing with a sale.
Do your research. Trust your gut when it comes to offers to purchase your home, and take the time to investigate if you feel there are red flags—especially if you feel pressure from the buyer to act quickly.
Work with a trusted and experienced agent. The best way to ensure the legitimate sale of your home? Work with someone you trust. An experienced agent will guide you through the selling process to make it as smooth as possible.
To learn more about selling your home, contact our team today. We’re ready to help!
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