With the ongoing economic recession, many homeowners are planning to hold their properties rather than sell it. As a result, the idea of renting seems more feasible. However, becoming a landlord comes with some challenges. The most common is rental scams, which can cost you money.
If you are stuck between renting and selling your house, Detroit Cash For Homes is your rescuer. We are one of the most reputable cash home buyers in Michigan, assisting homeowners in making wise decisions. Below, our experts will list some scams that landlords face.
- Fake checks
Written checks issued by a reputable bank don't raise any warning signs. However, the landlord may discover that the check is invalid when they attempt to cash it. If it is invalid, they must try to recoup the funds or evict the current tenant. But none of these strategies are simple.
- Overpayment
Another sign of a scam is if your prospective tenant offers to pay more than the requested amount. Scammers do this intentionally. First, they overpay; then, they want a refund. On your end, it may look like the money is available. But it takes a few days for the check to clear. So, if you refund the amount, you will lose the money. By the time you discover that the bill did not clear, it will be too late. Therefore, never accept overpaid rent.
- False credit report
Many tenants do not provide proof of an authentic credit score report when renting a house. Having a good credit history is a must for renters. After all, it indicates financial responsibility. Hence, investigating the tenant's payment history in detail is a good idea. Do your credit and background checks rather than believing the tenant's copy.
In closing
These are just a few warning signs to look out for, but the list of rental scams is not exhaustive. The easiest way to avoid scams is to sell your house. Other than fraud, you may have to deal with many more hassles as a landlord. The market is still good, and you can receive a fair value. But consider a direct sale to real estate home buyers in Michigan like Detroit Cash For Homes. It is advisable to take your house off the market before we face a recession, as housing prices may change. We buy houses in Michigan without inspections, repairs, and staging. Thus, you can sell your property to us in as few as seven days.
If you want the best advice for your house, call us today!
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