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For an in-depth answer check out number 3 on the list of “Four Questions Cash Buyers Do Not Want You to Ask”.

The “sucker price” refers to a tactic that scammers use to lock up control of your property. They lock you into a contract that obligates you to sell them your home by promising you your asking price (or any a price that’s higher than they intend on paying) and then they exhaust your time table. Once you’re at the end of your rope and desperate to sell, they come back to you with a story explaining why they can no longer pay their promised purchase price and have to drop their offer. They are planning on the fact that the time they’ve wasted forces you into a position of having to sell your house to them at a discount.

If you want to avoid a sucker price make sure you work with a company that has a solid reputation and can justify their offer price. This is absolutely crucial. If the offer price sounds too good to be true then it is.

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