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Selling real estate in Potomac MD, especially high end homes, is very laborious in the current economy. Selling real estate gets even more challenging when the supposed buyer is just making offers on properties that they can not, and will not actually purchase.
A phantom buyer typically make offers on the most expensive homes in a given market. 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. In his offers he claims that he will provide a solid earnest money deposit, but then never actually sends the money.
Why is he so willing to waste people’s time with fake offers? Maybe he really thinks that he will be able to pay for the house, or maybe he just likes to push chaos for sellers and real estate agents. I don’t know what his motive is, but the result is a lot of demoralised sellers. Sellers of high end homes get a great sense of relief when they finally get an offer, but are devastated when they find that it isn’t real.
The tricky thing is that he isn’t really breaking any laws, so there is nothing the police can do about it. This is really annoying for sellers of Redmond Real Estate when they find that all of their move out plans were done in vain.
There has been plenty of experiences where fake home buyers have conned potential sellers and their real estate agents. In 2007 a real estate agent thought he had it made when he aquired a new client who claimed to be a famous rapper.They got a contract accepted on one of the biggest, and most expensive, Homes in Logan Utah . Baby Bash even went so far as to celebrate the upcoming real estate transaction with the conned sellers. The title companies waited earnestly for the money to come through so the transaction could be finalized, but, surprisingly it never happened.In this scenario, the fake buyer never provided an earnest money check.
How do you prevent wasting your time and efforts on phony buyers? Make sure real earnest money is received with any offer, even if it is a cash offer. These fake buyers aren’t going to risk their money when they know that they aren’t actually going to end up buying the house. Watch out for things that seem fishy. Your house isn’t actually sold until the money has been transferred and is made official at the county recorders office. If an offer seems to good to be true, it probably is.
Related articles
- Sound off (sfgate.com)
- Pricechopper: Nobody’s Buying “Spa-Like” in Noe (sf.curbed.com)
- Open House Report: Weekend Open House Report: Noe Valley Edition (sf.curbed.com)
- On the Market: Noe Valley Mega House is Rather Weird (sf.curbed.com)
- On the Market: “Just Like Grandma Used to Decorate” in Noe Valley (sf.curbed.com)
- If You Are Selling Real Estate? – Beware of Fake Buyers (realestatenoevalley.com)
- Spot A Fake Home Buyer When Selling A Home (sellingrealestatesf.com)
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