May 01, 2013 - CASH HOME BUYING SCAM
Have you heard these lines? “We Buy Ugly Houses”. “We’ll pay cash for your home”. “I’d like to $buy$ your house for cash.”
Have you received a letter in your mailbox with no return address?
Several area residents have reported that an unsolicited letter arrived in their mailbox from a supposed Home Buying Business. In the letter, they offered cash to purchase their home AS IS, and there was no need to worry about home repairs, putting FOR SALE signs in the front yard, or strangers dropping by to view their home. These unsolicited letters even displayed the Better Business Bureau seal!
Be very cautious with these types of letters if you are planning on selling your home. Several things can happen if we don’t follow good research practices using the highest standards possible when dealing with these types of “businesses”. For example, if you carelessly transfer your deed to this “buyer”, he can gain all your home equity, have you make payments to him instead of a mortgage company, have you move out so he can rent the house, make it go into foreclosure, or resell your home to make a profit.
To protect yourself, work only with reputable professionals. Look in your telephone book for businesses that have an established reputation for buying homes. Make sure they are registered by the N.H. Secretary of State, and also check them out with the Better Business Bureau. Get all agreements in writing and review them thoroughly before you sign any contracts. Take your time, and if you don’t feel comfortable, WALK AWAY. There are good, reputable companies who would be very happy to work with you when this time of transition arrives. All it takes is good, thorough background work before making your final decision.
From the desk of Officer Jane Constant
Senior Relations Division
Nashua Police Department
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