Question on Cash Offer for Texas SFH from unknown investor

[Andres Perez]

Hi All,

Hope all is well and happy Friday! I have a cash offer from an unknown investor for a property I own in Denison, Texas. He texted me out of the blue, as others had in the past, but this one investor did follow through on sending a written cash offer by email for a reasonable price.

I am leaning towards accepting the offer but wanted to get some advice on whether there is anything I should be concerned about in terms of any potential fraud or wrong doing from the buyer as I have never met them and I would not be working with a seller agent (or buyer). Given I'm the seller I would assume that as long as we use a reputable title company there should be nothing to worry about on my end? Or should I take other precautions to avoid other risks I'm not aware of?

Thanks in advance for any advice you can provide on this!

[Guy Gimenez]

@Andres Perez

1.  Is buyer an individual or entity?

2.  Require use of the TREC form if it's a residential property

3.  Prohibit any assignment of the contract and if it's a cash deal, require closing in 10 days. This will weed out the wholesalers. Make sure all time frames in the contract are strictly adhered to by including a "time is of the essence" provision

4.  Get proof of funds, meaning actual funds on deposit in the buyer's account...not a bank letter

There are tons of things to be concerned about and dozens of ways for the buyer to tie you up in a contract and leave you hanging. Remember, structuring a deal is more than just a reasonable price...the terms are also important.