The industry’s open secret
Many “cash buyers” never intend to own your house. They sign a contract, then try to sell that contract to a real buyer for a markup — and if nobody bites, they vanish at the deadline, having cost you a month you may not have had. Assignment itself is legal and sometimes fine. Undisclosed, it is the number-one source of seller horror stories, and it is completely detectable in advance.
Test oneProof of funds, dated this month
A real buyer produces a bank or lender letter showing they can close your price, current and specific. “We are cash, trust us” is not a document. This single request filters out most of the pretenders in one email.
Test twoWho is actually buying?
Ask directly: are you closing in your own name, or assigning the contract? An honest wholesaler will say so — and then you can decide if the price justifies the extra layer. A buyer who dodges the question has answered it.
Test threeEarnest money that stings
Real commitment has a number on it, held by the closing attorney — not a hundred dollars held by the buyer’s own LLC. Ask how much and who holds it. Token deposits are how walk-aways stay painless for the walker.
Test fourA local footprint you can check
Closed purchases in this county under the company’s name, a closing attorney who recognizes them, an office or license you can look up, reviews tied to real transactions. Fifteen minutes on the county register of deeds and a license lookup beats every testimonial page ever written — ours included.
Test fiveWhen is the price final?
The re-trade — a price drop days before closing — is the industry’s ugliest habit. Get it in writing: after your walkthrough, can the price change? Our answer is no, and the walkthrough happens within days, not at week four when your leverage is gone.
Tests six and sevenReal terms in a real contract, and a straight no
The contract should name the closing attorney, the date, the deposit, and contain no option period that lets the buyer sit on your house free for weeks. And listen for the willingness to lose the deal: an honest buyer sometimes says “list it instead — you will net more.” A pitch with no scenario where you should not sell to them is not advice; it is pressure.
Cover image — Photo: Jidanni, CC0, via Wikimedia Commons.

