Trying to Sell A Home — Look out for Phony Buyers

As if selling Potomac Maryland Real Estate wasn’t already hard enough right now. To make things more complicated, there are actually “buyers” out there who make cash offers on multiple homes that they have no intention, or means of actually purchasing.

A phantom buyer typically make offers on the most expensive homes in a given market. Before even seeing the house, this guy makes offers, sets up appointments for inspections, and then never shows up. He claims that he will provide a $25,000 earnest money check, but then fails to deliver it.

Why does he do this? Maybe he is dillusional and really thinks that he has the money to pay for the house. I can’t comprehend why he does this, but I do know that it really makes things more difficult for people trying to sell. Sellers are ecstatic about getting a good offer, but crushed when they find out the buyer is fake.

The police can’t really do anything about it, because he’s not really breaking any laws. But it is really annoying, especially for sellers of Visalia California Homes who start making moving plans for their next home because they think their house will sell.

There are lots of experiences where phony buyers have misled sellers and Realtors. In 2007 a real estate agent thought he had it made when he aquired a new client who claimed to be a famous rapper.He made an offer on one of the most expensive Logan Real Estate listings. The Fake Rapper and his fiance even had a party with the home sellers to celebrate the sell of the immaculate mansion. The title company involved also wasted lots of time preparing paperwork for closing and waiting for the money to be wired.With this deterrent example, the supposed buyer never gave earnest money.

How do you prevent wasting your time and efforts on phoney buyers? Make sure you get consideration with the offer in the form of earnest money. Fake buyers aren’t likely to risk the money they probably don’t have just to satisfy their fantacy home purchases. Make sure you keep your eyes open, and be aware. Don’t consider the home sold, until you actually receive mony and the deed is recorded. If an offer seems to good to be true, it probably is.

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2. Seven Habits of Highly Ineffective Home Sellers
3. Quotes from Moving Companies: Offering a Dwelling that Will Not Sell
4. Help Your Agent To Sell Your House Quickly
5. Buyers Are Turning To Social Media For Real Estate Information