I'm Melissa Perrille. I own Northeast Cash Homebuyers, I'm a licensed real estate broker in Rhode Island, Massachusetts and Connecticut, and I'm a Certified Real Estate Appraiser. I buy houses for cash, and I also meet a lot of sellers who signed with the wrong buyer before they called me. Almost every one of those problems could have been caught with a few direct questions. Here is the checklist I would use if I were selling my own parents' house.
The short answer
A legitimate cash buyer can prove they have the money, tells you whether they are the one actually buying your house, puts down a real deposit with a title company or attorney, sticks to the price they offered, and is easy to look up. If any of those are missing, slow down.
The 7-point checklist
1. Proof of funds, in the right name
Ask to see proof that the buyer has the cash to close: a recent bank or brokerage statement or a letter from the bank. Check that the name on it matches the name on the contract, whether that is a person or an LLC. Money in somebody else's account is not their money.
2. End buyer or wholesaler?
Ask plainly: "Are you the one buying my house, or will you assign this contract to someone else?" Look for "and/or assigns" next to the buyer's name. A wholesaler is not automatically a bad actor, but you deserve to know, and in Rhode Island starting January 1, 2027 they must tell you in writing.
3. Real earnest money, held by a neutral party
The deposit should be a meaningful amount, held by the title company or closing attorney, not by the buyer. Ask when it becomes non-refundable. If the buyer can walk away for any reason until closing day and get every dollar back, the contract does not commit them to much.
4. A title company or closing attorney, named up front
A serious buyer opens title right away so liens, judgments or estate issues surface early. Ask which title company or attorney is handling the closing and call them yourself to confirm the file is open.
5. No retrade
Ask what could change the price, and when you would know. A buyer who offers high, ties up your house for weeks and then "finds problems" right before closing is using the oldest trick in this business. A fair buyer does their homework before making the offer.
6. References and homes they have actually bought
Ask for addresses of homes they bought and renovated, or before-and-after photos, and for reviews from real people. On my site you can see the houses my team and I have bought, by town.
7. Licensed and local
Ask whether they hold a real estate license and where their office is. A licensed broker answers to the state. A real office means you can walk in and talk to someone if something goes wrong. Mine is in North Providence.
Questions to ask any cash buyer before you sign
- Can I see proof of funds in the same name that will be on the contract?
- Are you the end buyer, or might you assign this contract to someone else?
- Whose name will be on the deed?
- How much is the deposit, who holds it, and when does it become non-refundable?
- How many days do you have to back out, and for what reasons?
- Which title company or closing attorney are you using, and has title been ordered?
- Is this the price you will actually pay? What, specifically, could change it?
- What will I actually walk away with after my mortgage, liens and other payoffs?
- Can you show me how you arrived at the number: the comparable sales and the repair estimate?
- Are you licensed? Where is your office? What homes have you bought?
- Can I have a copy of everything I sign, and a few days to have an attorney review it?
Red flags
- An offer far above every other cash offer, with no explanation of how it was calculated.
- Pressure to sign today, or no copy of the contract for you.
- A long inspection or "due diligence" period that lets the buyer cancel for any reason.
- No title company or closing date weeks after you signed.
- Your house showing up for sale online at a higher price while you are under contract.
- No office, no license, and no homes you can see that they have actually bought.
How I answer the same checklist
When I make an offer, I'm the buyer. I show sellers the comparable sales and the repair numbers behind my offer, because as an appraiser that is how I think about value. I don't lock up houses with a high number and renegotiate later. You pick the closing date, from about 7 days to up to a year, I pay the closing costs, and there are no commissions. If listing your house would put more money in your pocket, I'll tell you, because I run a brokerage too. Call or text me at 401-288-3600, or come by the office at 1599 Smith Street in North Providence.
For more on the specific tactics, read the 10 cash-offer traps and cash buyer vs wholesaler under Rhode Island's new law.