Who are the companies that buy properties unseen? What to look our for, and how to qualify these companies.
There are many good reasons to be hesitant when selling your home site unseen. How do you know the buyer is qualified? Why would an investor buy a house when they have not seen the inside? Yes, selling a home without the investor seeing it can be daunting and raise questions, but the best investors know areas and homes so well that they can risk making cash offers without ever stepping inside. Seasoned investors are more comfortable buying homes unseen because it mirrors the process of judicial foreclosure auction sales.
Here are five steps to weed out the phonies from professional investors.
Step 1: Do Your Background Check
When first introduced to a company that buys homes unseen, you must do your research. The easiest way to do this is to visit their company website and social media pages and to read the reviews from others they have purchased homes from. Scammers will often have no website; if they do- it lacks information. Ensure the company has a well-put-together website with information regarding its background and past investments. This shows you they have made real deals before, won’t scam you, and have the proof to back it up. In addition, social media posts often tell a story about the company; make sure they have posts that resonate with you and your issues at hand.
Step 2: Ask Qualifying Questions on the Phone.
If a real estate investor is buying a home site unseen, they must have a good reason. Ask the purchaser over the phone about market trends in your area. Ask if they have had any previous investments nearby and how they can come up with their number without seeing the house? A legitimate buyer of an unseen home will be able to answer these questions with transparency and directness.
Step 3: Ask Which Title Company they use.
When speaking to the investor, make sure to ask which title company they prefer to use. A title company helps people buy, sell, and refinance real estate by examining who has ownership rights to a property. Once you have this information, you should contact the title company directly and ask about the investor trying to buy your home. This is an excellent third-party reference and can reiterate or disprove the legitimacy of the investor you are dealing with.
Final Step: Trust Your Gut.
Use your best judgment after vetting the buyer. Have they earned your trust? Did they answer your questions head-on with transparency? If the answer to all the above is a resounding “yes,” you are probably dealing with a knowledgeable professional in the industry. Using these tips will help prevent you from running into scammers and help you find an investor that works for you.