Not All Offers Are Real

If selling Collierville Houses wasn’t already hard enough right now, there is one thing that is making it even more stressful. 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 buying.

One known phantom buyer has made a dozen known offers on homes priced at a half million dollars or more. Without ever seeing the property, he contacts real estate agents and tells them he wants to make an offer contingent on an inspection, that he never shows up for. He typically says he will put down $20,000-$100,000 in Earnest Money, but surprisingly never actually provides the check.

Why he does this? Maybe he really thinks that he will be able to pay for the house, or maybe he just likes to cause chaos for sellers and real estate agents. 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 extatic about getting a “solid” 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. This can be a huge inconvenience for sellers of Odessa Texas Homes, especially when they start making arrangements for the place they are moving into.

This isn’t the first time this has happened. 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 homes for sale in Northern Utah. Baby Bash even went so far as to celebrate the upcoming real estate transaction with the conned sellers. The title company involved also wasted lots of time preparing paperwork for closing and waiting for the money to be wired.  In this instance, earnest money was never given when the offer was made.

So what can you do to make sure you don’t get fooled by buyers who won’t be able to perform? Make sure real earnest money is received with any offer, even if it is a cash offer. These buyers aren’t going put money down for something they know they aren’t going to purchase. 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.