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With hot housing market watch out for scams that don’t get you the most money for your home

Loan Scams

With hot housing market watch out for scams that don’t get you the most money for your home

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RALEIGH, N.C (WTVD) — The hot housing market is making it the perfect opportunity for sellers to lose money if they don’t do their research. While some sellers are getting top dollars for their homes, other homeowners may be leaving money on the table. Part of the buyers in the market are investors who send advertisements in the mail promising to buy your home quickly and for cash.

Several ABC11 viewers sent in offers to Troubleshooter Diane Wilson that they’ve received in the mail that claim to be purchase agreements for their home or land. The best advice is to not respond when you get these offers, as you need to look at the fine print as some may be way below the current market value.

In one solicitation, a homeowner thought the company was offering her a loan to fix up her home, but in reality, it’s a purchase agreement, and it gives the homeowner a chance to re-purchase the home at a very high internet rate.

Another viewer sold her land adjacent to her property for a very low price, with the deal claiming they would pay to fix up her home, but instead she says she’s left with empty promises.

The key before entertaining any quick offer is to read and understand the contract and don’t go with anything that is said verbally. Nick Hill with the BBB of Eastern North Carolina says, “Maybe the investor is not really who they say they are and they’re going to ask you for an upfront fee to maybe conduct inspections or something like that and once you give them that money, they…

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