House agents and sellers, beware of ‘fake buyers’

House agents and sellers, beware of ‘fake buyers’

Picture: iStock

Agents and sellers occasionally fall victim to ‘fake buyers’ who make cash offers on properties they know they can’t buy.

In many “fake buying” instances, buyers know from the onset they don’t have the financial means to make a cash offer, but this doesn’t stop them from doing so. We often see this in buyers who are reluctant to disclose where the money for the transaction is coming from. When it’s time for the money to be transferred to the attorneys, the “buyer” discloses that the money’s coming “from abroad”’. This situation isn’t only extremely time and cost consuming, it’s fraudulent and puts everyone involved in the potential sale in an unfortunate position. It causes a logistical and administrative nightmare,...




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