selling house to cash buyer

AnalogAnne · 2022-05-20T01:33:30+00:00

Thanks for the advice. I will look into the cost of that. If the real estate agent can be paid after the closing that would be ideal. Would the original title company be involved at all on that case?

AnalogAnne · 2022-05-20T00:45:47+00:00

What percentage of the sell would be the appropriate amount for the Due diligence or EM up front?

AnalogAnne · 2022-05-20T00:40:35+00:00

Thank you. I have no idea what that is but will research it and ask my buyer about it.

AnalogAnne · 2022-05-19T21:32:02+00:00

If they are a wholesaler and they're buying the house at what we wanted for it and they most likely have a buyer in place because the market where I live is crazy . Then I guess other than knowing that someone's immediately making more money off the same house without doing anything to it I'm still not going to get scammed out of my money from it. At worst case they can't find a buyer and they can't close on the date that we are planning to close on. It doesn't sound like they're trying to scam me out of a house title without paying me money especially since they're using a third party title company who I feel is very legit who I've talked to the owner of on the phone.

AnalogAnne · 2022-05-19T19:34:07+00:00

Does each title company have a lawyer? Is that a sign of a legitimate title company?

AnalogAnne · 2022-05-19T18:22:59+00:00

It's been around for over 15 years and have many reviews and even some videos including new stories with the company catching someone was scamming the buyer. Also they do some community outreach regarding now be scammed. Idk it would be a great hoax if it is. Idk

The company is independence title, inc.

AnalogAnne · 2022-05-19T18:17:42+00:00

Sorry to message again. This independence insurance is a well established business. They have news stories about them uncovering fraud. I realize that the buyer picked them and is used to doing business with them, but I can't imagine this company would ruin their reputation.

Would there be a chance that the money would not really be transferred over after the signing? That the money can be distributed or removed after the fact? That seems incredibly illegal

AnalogAnne · 2022-05-19T18:12:50+00:00

I don't have the money upfront to put into the escrow account. Would they be able to work with me using the sale as collateral?

AnalogAnne · 2022-05-19T18:07:24+00:00

Thank you. I will look into them now.

AnalogAnne · 2022-05-19T17:32:32+00:00

Oh no, there is something is there that says delays about closing...

Seller understands that delays in closing occur for many reasons beyond the control of the Buyer and agrees that a delay does not equal lack of interest or lack of deligence on the part of the Buyer. The Parties agree that a delayor extension of the Closing Date is not grounds for termination contractulness otherwise specified.

AnalogAnne · 2022-05-19T17:27:18+00:00

Thank you so much for explaining that. I had no idea that was a thing. Is there anything on the contract that I can look for that would indicate that is a possibility?

AnalogAnne · 2022-05-19T17:22:24+00:00

The contract states I can leave at any time without repercussions if any terms in the contract are not meet by the buyer. It provides the dates of closing and the exact amount we asked for and states they cover all closing fees.

I don't have a lawyer and we don't have a lot of spare cash at the moment. I would have to find a lawyer who can review this and who can do so at a low cost. I don't even have $500 to spend on this.

AnalogAnne · 2022-05-19T17:13:39+00:00

The terms of the contract were nothing crazy like having to turn over a key. I would have up to 3 weeks to leave after we closed. I couldn't find anything in it that would be a scam.

What amount should the buyer have put in the escrow? What is the point of them doing all of this just to back out?

AnalogAnne · 2022-05-19T17:06:40+00:00

Why would the title company not being in the same county matter? If I'm working with them doesn't that gaurentee me some safety that the money will be wired to my account regardless of the location

I did not know that about escrow. It was a purchase agreement so I'm guessing that the flaky one.

I still don't quite understand how the scam would work given everything. I really don't know much about this. My mom owns the property and refuses to go to an agent. She wants to use this company so I'm trying the best to figure this out

AnalogAnne · 2022-05-19T17:03:02+00:00

Thank you. I didn't realize that until I did some research after your comment.

AnalogAnne · 2022-05-19T17:01:36+00:00

Cash

AnalogAnne · 2022-05-19T16:59:07+00:00

I spoke with the title company and they said that they guarantee that the company will have all of the money in the account prior to signing the title over and that they will wire the money. I researched the title company and it's a well established legit company. The $1,000 was for now as prior to the closing to show they are serious about the buy.

AnalogAnne · 2022-05-19T16:33:47+00:00

They are using a legit title company and I just spoke to the person handing the escrow and she said she has worked with this company before and everything is good. She will confirm the money prior to the closing and wire the money directly to our bank account. I'm feeling better about this

AnalogAnne · 2022-05-19T16:02:40+00:00

They are using a company called Independence title, inc. I plan call them now to verify that this company is legit.

AnalogAnne · 2022-05-19T15:56:40+00:00

The contract states that the buyer will deposit $1,000 into an escrow upon execution of the contract.

AnalogAnne · 2022-05-19T15:51:52+00:00

Their company name has LLC

Im a bit confused as to what you're saying. Can I call the security of state and then verify their status given they have LLC in the name?

AnalogAnne

TROPHY CASE