You’ve been trying to sell your property in Long Island, NY, but have yet to have any luck. Suddenly, you get a call or email from an investor offering to buy your house quickly and with cash — sounds great, right? Well, not so fast!
Unfortunately, scams like this are common in the real estate market. Spotting and avoiding these “We Buy Houses scams” can save you time, money, and hassle. Read to learn more about protecting yourself from scammers in Long Island, NY.
Do Your Due Diligence
If someone contacts you with an offer to buy your house in Long Island, New York, you should do your due diligence and make sure they are a legitimate buyer. Please take the time to research any offers of purchase before committing to anything.
These are the steps you can take for the background check:
Ask for Their Licenses and Permits
Be sure to ask for their licenses and permits before agreeing to anything. This is especially important if they are a real estate broker or agent. You should also verify that they have the proper qualifications to operate legally in New York before you sell your home for cash in Long Island.
They should have the following:
A real estate broker or agent license
A business license
Proof of funds
Any other permits necessary to conduct business in Long Island
Check Online Reviews
In addition to checking the license and permits, you should also check online reviews. Look for negative comments or experiences other people have had with this company. This can help give you an idea of what kind of service they provide and if they are reputable.
Verify With Legitimate Agencies
Finally, once you have researched and discovered that the company is legitimate, you should verify this with a legitimate agency. The Better Business Bureau (BBB) or local state agencies can help provide additional information about the company. This will ensure they operate legally in Long Island, New York.
Know What the Real Off-Market Process Should Be
Selling your home to legitimate cash home buyers and real estate investors is relatively similar. It starts with an assessment of your home, which is then compared to the current market conditions and trends in New York. For instance, the average price of Long Island homes is approximately $500,000, so it’s reasonable to expect any offer to be close to that amount. This was up 15% from the previous year.
After a fair offer is presented, it should be followed up with an inspection of the property to ensure it meets all local building codes and regulations. Once both parties agree upon everything, the closing can happen quickly and without hassle.
When dealing with cash home buyers, you should always ask for proof of funds from the buyer before signing anything or entering into any agreement with them, even if you’re looking to sell your house fast. This will ensure that they can purchase your property.
Be Wary of the Investor’s Behavior
As a homeowner, you need to be extra cautious and stay vigilant about how the investor behaves. One red flag you should pay attention to is when an investor quickly offers to buy your home without asking questions. This is a sign that they may not be interested in the actual property but instead looking for easy money from homeowners who are desperate or unaware of their rights.
Another would be rushing you to close the deal. If an investor pushes you to sign paperwork or make a decision quickly, they likely have something to hide and may be trying to take advantage of your situation. Do your due diligence and thoroughly research all offers before agreeing to anything.
You should be careful when someone asks you to sign over the title of your home without any paperwork that guarantees the money you are owed. It is common for investors to promise homeowners a certain amount and then lowball them once they have the title.
Some also fall for paying upfront fees when, in fact, the buyer should be paying all the closing costs. If you are asked to pay a fee before closing, this could also be a scam.
Work With a Legitimate Cash Home Buyer
Cash home buyers are a legitimate way to sell your home. Unfortunately, they’ve gained a bad reputation due to some unscrupulous operators who are out to scam the unsuspecting homeowner.
Avoiding “We Buy Houses” Scams in Long Island, NY, entails finding legitimate cash home buyers in Long Island, NY. Do your research, check references, and ask for proof of funds. You can also check online reviews, especially from verified sites like the BBB, to ensure you are dealing with a reputable cash home buyer. Just follow the steps above in Queens or Babylon.
Handsome Homebuyer is a legitimate cash home-buying company in Long Island, NY, earning an excellent rating from the BBB. We focus on helping homeowners get a fair price for their homes and quickly close on the sale if you need to sell my house fast Long Island.
As part of our commitment to customer service, we are transparent in all of our dealings with customers and strive to make sure they understand each step of the process so they can make informed decisions about selling their homes. We look forward to helping you sell your home quickly and at a fair price.
We are the leaders in buying houses, land and commercial property on Long Island. We have also assisted many property owners with selling their homes, land, and commercial properties all over Nassau county, Suffolk county and all 5 New York boroughs.