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, also for sellers who will regularly base the successful sale of their current property on the acquisition of their next property.
“Fake buyers” are willing to pay the full price and will frequently show interest in buying a second property at the same time.
Advice to sellers, agents and agencies:
Van der Linde is Seeff’s MD in Pretoria East
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