SELL TO AN INVES O AN INVESTOR
“We Buy Houses,” or “We Buy Ugly Houses”—you see the signs on telephone poles at intersections. Real estate investing is huge business. There are many top-notch real estate investors in almost every city. They are always “on the lookout” for a new purchase, and you should be able to find one rather easily. We have worked with a number of the very best. However, beware of scamming. There are numerous scams, which means that you need to find the right investor to avoid getting swindled. According to the Federal Bureau of Investigation, reported cases of mortgage fraud have skyrocketed in line with the rise in home prices in many U.S. markets. One of the most prevalent scams is home appraisers over- inflating home values to secure larger loans. In one example relevant to the inheritor of a house in need of updating and repairs, the buyer uses a fake identity or another person’s name and credit history to obtain a fraudulent loan. This person commits identity theft and mortgage fraud to swindle the seller and lender. The “buyer” offers a much higher price than the home is worth, locks in a loan for the over-valued price, and then pockets the difference. In a worse situation, the swindler convinces the seller to finance some of the cost of the mortgage. The seller ends up handing cash to the “buyer,” who has no intention of purchasing their home. Real estate investors buy properties to make money, and you should always keep that in mind when you are selling to an investor. Begin by researching who you do business with. When
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