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How to Tell If a Cash Buying Company Is Legitimate

A person selling to a legitimate house selling company.

You’ve seen the signs along the side of the road or tacked to a utility pole: “We buy your home for cash.” These are accompanied by an unidentified phone number. They may not seem legitimate to you, and maybe they aren’t. But there are cash buying companies that are legitimate, established, and reputable. Here are some tips to tell the difference.

They Have an Established Reputation

A legitimate cash buying company will have established a reputation as a business  in your area. At the very least, they should have a website, but that alone is not enough. It is simple these days to make a website. You should look for reviews of the company or testimonials by satisfied customers. 

Another strategy is to search for the company on the Better Business Bureau website. If you can’t find a listing, it could be a problem. The BBB also rates the business on its reliability. 

They Have Proof of Funding

A legitimate cash buying business doesn’t have to get financing to buy your house. They should have sufficient funds to completely honor the cash offer that they make you. If the company mentions financing, it’s a big red flag that something is off.

The company should also be able to show you proof of funding. This usually takes the form of a letter or document from their financial institution. If the company refuses to show you proof or funding or is evasive, it’s a bad sign.

They Don’t Pressure You

Legitimate home buying companies don’t pressure you in any way. The cash offer should be no obligation; that is, you are free to accept or reject it. Any company that hounds or hassles you isn’t legit. 

Additionally, you shouldn’t have to sign any preliminary contracts or pay anything. Period. There’s no commission or closing costs in a legitimate cash buy. If a company asks you for a payment, especially before the process begins, it could be a scam.

Legitimate cash buying companies provide a valuable service to homeowners wanting to sell their homes quickly and without fuss. But you should be proactive in researching who you are dealing with before making any commitments. A reliable cash buyer should be transparent and answer any questions you have.

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