Better Business Bureau warns of "cash for deed" scam
A couple is trying to convince homeowners to have contracts written for a cash sale of a home in exchange for the deed.
The Better Business Bureau reports the couple is testing out the scam in Wichita and Sedgwick County subdivisions. The couple has written three contracts, but have not yet been successful.
The couple is telling homeowners they are the beneficiaries of a $7 million inheritance, but are waiting for the funds to be deposited in the bank. They claim they will give a check to the homeowner in return for the deed immediately.
The BBB warns that the couple tells residents they will not close through a title company, and once the contract is written, say they cannot give the builder the money because the inheritance has yet to be deposited.
In a tight housing market, a cash sale can seem attractive to homeowners trying to sell their own residence, the BBB said. To report the scam, call the BBB at 1-800-856-2417.
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