Real Estate Scams Targeting Nevada Home Sellers

You have a 4 bedroom, 2 ½ bath home to sell with a 3-car garage and a remodeled lower level with a custom media room with a 3D projector that you want to place on the market. Due to the large amounts of money involved in real estate transactions, these transactions can be a magnet to scammers. For most people, purchasing or selling real estate only happens a few times during their lifetime. Because of unfamiliarity with the many different real estate terms, it can be easy for dishonest individuals to confuse and trick people interested in selling their homes. Here is a look at some of the more common scams that sellers need to be aware of.

Scam #1: We Buy Houses – All Cash

Anyone who has ever fallen behind on their mortgage payment, even if only for one or two months, has received that “magic” letter in the mail saying “We Want to Buy Your Home”. Some of these letters are from honest people looking to make a great deal (for them) on a home. Others may not be so honest. They are often looking for your personal information (identity theft) that they can use for their own benefit or sell to other scammers on the dark web.

Some of these “buyers” promise a quick sale and ask you to sign an agreement giving them the exclusive right to buy your home. It sounds to you like things will move quickly toward a sale, but the opposite is usually true. The months may drag by while they search for a buyer, and you no longer have the right to seek other selling options. Sometimes they will eventually find a buyer and then charge you an additional fee to set up the sale. You’re stuck, the exclusive sales agreement you signed is leaving you no option other than to pay the extra fee.

Sometimes these “We Buy Houses” people are totally honest, and if you are in a hurry to sell, this may be a good option for you. But always check out their online reviews or contact your local better business bureau for more information about them. You should also ask any person that is helping you to sell your home for a “net proceeds” statement before closing the deal. This “net proceeds” number is the amount of money you will receive after all selling costs are deducted.

Scam #2: Fake Agents

If someone who claims to be a real estate agent contacts you and did not initiate the contact, you need to make sure that the person is truly licensed to sell real estate in the state you live in. In the state of Georgia go to:

https://ata.grec.state.ga.us/Account/Search

Instead of the above “We Buy Houses” scammer, these fake real estate agent scammers will pose as a licensed agent, possibly already with “someone” interested in purchasing a home just like yours. It costs very little to have professional-looking cards made in an effort to fool you into thinking that they really are a licensed agent. Once again their goal is to gather your personal information for nefarious purposes.

A similar scammer may claim to be a mortgage lender with the same type of  “anonymous” buyer who is interested in your home. Once again, this scammer is only interested in stealing your personal information.

Scam #3: The “Fair Price” Buyer

If you are under any kind of duress (owe back property taxes, tried to sell unsuccessfully, etc.), or if you live in a very desirable neighborhood, you could be the target of this type of scammer. These buyers are similar to the “We Buy Houses” scammers. The difference between these “Fair Price” buyers and the “We Buy Houses” people are that these individuals really do want to buy your home, at a steep discount. Their first method of contact is usually a letter or a postcard in your mailbox. They are hoping to find a homeowner that doesn’t understand the true value of their home and need, or want, to sell their home quickly.

A Better Way to Sell

Successful real estate sales rarely happen overnight. No magic sales genie is going to show up on your doorstep with a handful of cash to purchase your home. Seek out a trusted and verified real estate agent when it comes time to sell your home. You may receive a flyer in the mail from a legitimate agent, but you always should check their credentials before making contact with them. As you have probably heard more than once, it’s better to be safe, than sorry!