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What are potential issues with cash offer buyers?

On Behalf of | Apr 4, 2021 | Real Estate Law

When you’re selling a property in New York, you may receive an offer from a cash buyer. Although this is an ideal option for many sellers, it can come with potential issues. Cash offer buyers can make you susceptible to scams. Use caution if the buyer lives in another country, specifically if they want to wire money from Syria, Iran, or Cuba. There should also be more scrutiny if the cash buyer wants a quick transaction without much of an explanation.

The cash buyer may also be a scammer if they want to make an offer without seeing the property. This is typically less common when it isn’t a tight market.

How to avoid issues with cash offer buyers?

If you want to avoid issues with cash buyers, ask a lot of questions. If the buyer owns a company, look at their website and physical address of their office to ensure they’re legitimate. It’s also necessary to read contracts carefully and slowly. Consider hiring an attorney who can read all the details and terms to ensure they can spot anything that looks suspicious when working with a cash buyer. If you have any doubts or notice red flags, it’s important to move on to another buyer to protect your real estate investment.

Who can you contact for legal assistance?

If you’re selling a home to a cash buyer, contact an attorney with experience in residential real estate who can assist you with the process. They’ll inform you of your rights and will teach you about the law to ensure you’re protected and can navigate the legal system. A legal professional can also offer assistance with similar matters like closing, reviewing mortgage preapproval, reviewing home inspection reports, and amending purchase contracts.