To spot a fake cash offer in Columbus Ohio, ask the buyer for a bank statement showing the cash, ask for $10,000 in earnest money held by a local title company, and read the contract for language that lets the buyer assign it. Many of the problem offers I hear about come from wholesalers. Wholesaling is legal in Ohio, but a wholesaler usually plans to sell your contract to another investor rather than buy the house. If no investor is interested, the sale can fall apart.
My name is Marc Van Steyn, and I own EasySell Cash Homebuyers, which buys houses for cash around Columbus. I’ve been a licensed Ohio real estate agent since 2004, with more than 250 transactions behind me. My purchase contracts go through my RE/MAX brokerage, and I use the standard Columbus REALTORS residential purchase contract. I still get calls every week from sellers whose cash deal fell apart. Many of them signed with a wholesaler without understanding how that kind of deal works.
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Are We Buy Houses Companies Legit, or Can a Cash Offer Be Fake?
There are plenty of legitimate Columbus Ohio cash homebuyers. The issues start when a seller thinks the person signing the contract is the one buying the house.
A fake cash offer isn’t always a forged bank statement or someone trying to steal your money. In more than 20 years I haven’t seen a photoshopped bank statement. What I have seen is sellers tied up in contracts with buyers who didn’t have the funds to close. Those buyers were counting on finding another investor to take over the deal.
Wholesaling is legal in Ohio. The wholesaler makes money by assigning the contract to another investor. I’ve seen sellers lose several weeks because the wholesaler couldn’t find anyone willing to purchase their contract.
The rest of this guide explains how to find out who you’re dealing with, whether the buyer has the money to close, and whether they intend to purchase the house themselves.
How Can Columbus Ohio Homeowners Spot a Fake Cash Offer?
Start with earnest money. A few hundred dollars on a house should make you ask questions, because the buyer has very little to lose by walking.
Then read the contract. The wholesale contracts I’ve seen run about a page and a half and leave a lot open to interpretation. The words “and/or assigns” next to the buyer’s name mean your contract can be handed to someone else. Pay attention to the inspection period, too. I’ve seen wholesalers use that time to find another investor rather than inspect the property.
Look the buyer up. Search their LLC with the Ohio Secretary of State’s business search, then check the Franklin County Recorder for properties they’ve taken title to. Some investors buy properties under several LLCs. Ask for addresses of houses they’ve purchased and compare those properties against county ownership records. Since March 2, 2026, Ohio also requires wholesalers to give you a separate written disclosure before you sign.
What Proof of Funds Should a Cash Home Buyer Show Me?
Ask for a recent bank statement showing enough available cash to cover the purchase price. That’s what I provide when EasySell Cash Homebuyers purchases a property using our own funds. A buyer relying on borrowed money should explain the financing and document any conditions that could delay closing.
A preapproval letter from a lender doesn’t prove the same thing. Anytime someone borrows from a third party, stipulations come with it, and the seller usually doesn’t know what they are. An appraisal or underwriting condition can hold up a closing.
A statement shows the money was there on a certain date. It doesn’t promise the money stays put. Call the bank using the number on its official website and ask whether it can verify the document. Some banks will need the account holder’s permission. You can also ask the buyer to authorize the title company to verify the funds.
How Much Earnest Money Should a Cash Buyer Put Down?
I recommend asking for $10,000 in earnest money. That’s what EasySell Cash Homebuyers puts down when we purchase a property. In my experience, retail buyers in Columbus put down 1 to 2 percent of the price, about $2,500 to $5,000 on a $250,000 house. There is no standard deposit amount for cash investors, and plenty of wannabe cash buyers offer nothing or a couple hundred dollars. A larger deposit gives the seller more protection when the contract terms are written correctly.
I want the buyer to have $10,000 deposited with the title company. Have your attorney review those earnest money terms before you sign, including how the deposit gets released if the buyer defaults.
Is a We Buy Houses Contract Safe to Sign?
I’ve seen wholesale purchase contracts that barely cover a page and a half, and some just aren’t professional. EasySell Cash Homebuyers uses the 16 page residential purchase contract developed by Columbus REALTORS and the Columbus Bar Association. It covers inspections, earnest money, closing dates, and what each side owes the other.
Before you sign any contract, ask for time to have an Ohio real estate attorney review it. When the agreement includes an attorney approval provision, make sure the review period is clearly stated. My guide, Is Selling My House to a Columbus Real Estate Investor Safe?, covers more of these contract problems.
What Happens If a Cash Buyer Backs Out Before Closing?
You lose the weeks the house sat under contract, and you start over. Whether you keep the earnest money depends on the contract terms and why the buyer terminated.
An owner in Merion Village called me after this happened to her. She owned several properties around Columbus. The city had been after her about code violations on the Merion Village house, to the point that she had to go to court. She signed with someone she thought was a cash buyer. That buyer held the house for almost 40 days and then walked. I never saw her contract, so I don’t know what allowed the buyer to terminate.
She called me upset with the court the following week. She described the house and I ran the numbers as a cash home buyer in Merion Village, but we didn’t buy it. Based on what she described, she was asking more than the house could support as a cash sale.
Does Ohio Law Protect Me If My Buyer Is Really a Wholesaler?
Yes. SB 155 created Ohio Revised Code 5301.95, which took effect March 2, 2026. Ohio requires the wholesaler to provide a separate written disclosure before you sign a binding purchase contract. The disclosure identifies the buyer as a wholesaler, explains that the wholesaler may assign the contract to a third party, and warns that the price may be below market value. You and the wholesaler both sign and date it.
An owner who never got that disclosure can cancel the contract any time before closing, without penalty. A wholesaler who skips the disclosure can also face action under Ohio’s Consumer Sales Practices Act.
Columbus requires residential wholesalers to register with the city, although licensed Ohio real estate agents and attorneys are exempt. Ask the wholesaler whether they’re registered or qualify for an exemption. Columbus REALTORS separately requires any MLS member acting as a wholesaler to provide the 5301.95 disclosures.
This year I’ve gotten fewer calls from homeowners who didn’t realize they’d signed with a wholesaler.
Will I Get Less Money Selling to a Cash Home Buyer?
Usually, yes. EasySell Cash Homebuyers is a for profit company. My offer has to account for the repairs, the after repair value, holding costs, the cost of money, and a minimum profit. I walk every seller through that math so they can see where the number comes from.
We buy as is and can close in as little as 10 days. EasySell Cash Homebuyers pays the closing costs. The seller remains responsible for their share of property taxes, which is accounted for at closing. On roughly one out of every 20 calls I take, I tell the owner to list the house instead. Sometimes I tell them another cash offer beats mine.
| Comparison Metric | Direct cash buyer | Wholesaler | Retail listing |
| Proof of funds | Bank statement showing cash | Depends on the wholesaler and the end investor | Lender preapproval |
| Earnest money | $10,000 at EasySell Cash Homebuyers | Varies by contract | 1 to 2 percent of price, in my experience |
| Contract | Standard Columbus REALTORS contract at EasySell Cash Homebuyers | Often a short, assignable contract | Columbus REALTORS contract |
| Who takes title | The buyer who signed | Usually the investor who takes the assigned contract | The buyer who signed |
| Repairs | None, bought as is | Varies by contract | Often negotiated after inspection |
| Typical timeline | As little as 10 days | Depends on finding an investor and the contract terms | 30 to 60 days |
Our guide on selling a house as is in Columbus compares more of your options.
What Should I Do Before I Sign a Cash Offer?
I’ve seen too many Columbus homeowners lose weeks to buyers who couldn’t close. Before you accept a cash offer, find out who’s actually purchasing your house and review the terms that allow them to walk away.
Call me at 614-969-0624 if you’d like a competing cash offer. I’m Marc Van Steyn, owner of EasySell Cash Homebuyers. Because it’s our own money and we are here in Columbus we can usually offer more.
What Else Do Columbus Homeowners Ask About Cash Offers?
Is wholesaling legal in Ohio?
Yes. Ohio allows wholesaling, but since March 2, 2026, a wholesaler has to give the owner a signed disclosure before entering a contract. An owner who never received it can cancel before closing.
Is a hard money loan the same as a cash offer?
No. A hard money loan is financing from a private lender. Ask whether the purchase depends on loan approval, an appraisal, or another lender requirement, and have those conditions written into the purchase agreement.
Can the buyer hold the earnest money themselves?
I recommend having earnest money held by a reputable local title company, not the buyer. The purchase contract should identify who holds the deposit and explain when the seller is entitled to receive it.
How fast can a legitimate cash buyer close in Columbus?
EasySell Cash Homebuyers can close in as little as 10 days, depending on title and property conditions. Ask any cash buyer for a written closing date and an explanation of anything that could delay it.
Who pays closing costs when I sell to EasySell Cash Homebuyers?
EasySell Cash Homebuyers pays the closing costs. You remain responsible for your share of property taxes, which is accounted for at closing. Whoever you sell to, get the closing cost split in writing before you sign.
Do I need an attorney to sell my house for cash?
Ohio doesn’t require one. Marc Van Steyn recommends every seller have an Ohio real estate attorney review the purchase contract before signing, no matter who the buyer is.
Legal Disclaimer
Marc Van Steyn and EasySell Cash Homebuyers are not attorneys. This article is general education about Ohio real estate practices and law as of October 2026. Talk to a qualified Ohio real or estate attorney before you sign, cancel, or dispute any purchase contract.
