Bad Investors to watch out for

Bonus material: Watch out for

#1 The Old Bait & Switch Routine

9 times out of 10 these companies (er ? people) will want to make an appointment to see you in person, and they’ll promise a cash close to get you to let them come over. But when they get there, the offer starts getting complicated.

Now all of a sudden they don’t want to pay cash. They want to take over your payments and possibly (but preferably not) give you your equity sometime down the road when (if) they sell the house. They will even ask you to deed your house over to them while keeping the mortgage in your name. My advice to you of course is to not go down this road. You are setting yourself up for certain disaster.

#2 Asking For Money Up Front: The Auction Scam

Again, Mr. I Buy Houses will promise cash close to get the appointment, but this time he will propose a much different scenario. He will tell you that what he wants to do is auction your house off for you. He is not a realtor. He is not an auctioneer. 9 times out of 10 he has never even done an auction before. He simply read about it and is trying it out on you.

The Catch: He needs money up front to do the marketing.
My Advice: Run, don’t walk, RUN to church and pray for this man.

#3 Promising Cash but Contracting For Financing

This is probably the most common trap sellers fall into. The contracts these guys tend to be long and cumbersome (ours is just 1or 2 pages in big letters) so you don t really see that they have a financing contingency checked off in there. So they tell you they’re paying cash, try to get financing, don’t get it, and then come back to you saying, sorry, we can’t close. This happens all the time. You lose 30 days of your life.

There are many more scams going on out there, but these are a few of the more common ones. My advice, Sell your house to someone who has a proven track record of giving sellers exactly what it is they want cash for their house.

If you are in Billings Montana I recommend going with Big Sky Property Solutions LLC. They will give you what you want and make the process as easy as possible. No more late nights sitting awake worrying about what is going to happen next.