Cache Valley Sellers – Watch out for of Phantom Buyers

High End Logan HomeIt doesn’t make any logical sense, but there are people out there who like to pretend they have large sums of money, and are purchasing high end homes, when really they have no business buying real estate at all.

Occasionally there are people who make offers on million dollar houses that they have never even seen. They make these offers remotely, set up inspection appointments, then won’t keep their appointments. They say they will put down $20,000-$100,000 but then never actually provide the check.

Why do they do this? Perhaps they really think they will magically come up with the money to buy the Cache Valley Homes, or maybe they’re just desperate for attention. I don’t know what his motive is, but the result is a lot of discouraged sellers. Logan Real Estate sellers get excited to finally get an offer, especially on high end homes, but then get devastated when they realize that they have wasted their time and don’t really have a legitimate offer.

The police can’t really do anything about it, because he’s not really breaking any laws. But it is really annoying, especially if sellers start making moving plans for their next home because they think their house will sell.

This isn’t the first time this has happened. A few years ago Ben Brown had a client who pretended to be the rapper “Baby Bash.” They made an offer on what was at the time the most expensive House for Sale in Logan. “Baby Bash” and his girlfriend even celebrated the “new purchase” with the sellers of the house. The title companies waited earnestly for the money to come through so the transaction could be finalized, but, surprisingly it never happened.  In this case earnest money was not used either.

Whether you are working with a real estate agent or trying to sell for sale by owner, make sure real earnest money is received with any offer. Fake buyers aren’t likely to risk their money to satisfy their “dream home” buying fantasy.

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