Northeast Cash Homebuyers
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Before you sign a cash offer

10 cash-offer traps every Rhode Island seller should know

Not every "we buy houses" offer is a real offer. Some buyers aren't licensed, aren't qualified and aren't even the buyer. Here's what to watch for, and the questions to ask, from a local investor who actually buys the homes she makes offers on.

See the trapsAlready have an offer? I'll look it over →
1

The offer that's too good to be true

Every real investor works from the same math: what the house will be worth after repairs, minus the renovation, holding and selling costs, minus a profit. Nobody can make your house worth more than it is, and nobody can turn a $150,000 renovation into a $50,000 one. If one offer is far above every other cash offer, it was usually written to get your signature, not to be paid.

Ask them

  • "How did you arrive at this number?"
  • "What repair cost did you budget for?"
2

Lock it up high, then renegotiate before closing

This is the most common trap. You get a high number, sign, and stop talking to anyone else. Weeks go by. Then, a few days before closing (after you've packed, lined up your next place, or your deadline is close), the buyer "found problems" and the price drops by tens of thousands. By then, walking away feels impossible.

Ask them

  • "Is this the price you will actually pay, or just an opening offer?"
  • "What, specifically, could change this number, and when would I know?"
3

The hidden assignment: they're not really the buyer

Look for words like "and/or assigns" next to the buyer's name. That lets the person you signed with sell your contract to a different investor for a fee, often without ever explaining it to you. Sellers sometimes find their own house advertised online, or even on the MLS, at a higher price while they're under contract.

Ask them

  • "Are you the end buyer, or will you assign this contract?"
  • "Whose name will be on the deed?"
4

A buyer who can't actually close

If the person you signed with doesn't have the money and is counting on finding someone who does, your sale depends on a stranger you've never met. If no one bites, the deal falls apart and your house has been off the market for weeks or months.

Ask them

  • "Can I see proof of funds?"
  • "Is it in the same name (person or LLC) that's on the contract?"
5

Long "inspection" periods that tie up your house

Some contracts give the buyer 30, 45 or even 60 days to back out for any reason, while you're locked in. That's time they use to shop your house around. Meanwhile your deadline, your payments and your stress keep running.

Ask them

  • "How many days can you cancel and still get your deposit back?"
  • "What's the firm closing date?"
6

A tiny deposit, or one they can always get back

A $100 deposit that's refundable for any reason means the buyer has nothing to lose by walking away. A serious buyer puts real money down and tells you when it stops being refundable.

Ask them

  • "How much is the deposit, and who holds it?"
  • "When does it become non-refundable?"
7

No title company, no closing date, no settlement statement

A real buyer opens title right away so any problem is found early, not on closing day. If weeks go by and no title company or closing attorney has contacted you, and nobody can show you a settlement statement, that's a warning sign that the closing isn't really happening.

Ask them

  • "Which title company or closing attorney are you using?"
  • "Has title been ordered? When will I see the settlement statement?"
8

Pressure to sign today, and no copy for you

"This offer expires tonight." A fair offer is still fair tomorrow. Many sellers we meet don't even have a copy of the contract they signed. Never sign anything you can't keep a copy of, and never sign something you haven't had time to read or show to an attorney.

Ask them

  • "Can I have a copy of everything I sign?"
  • "Can I take a few days to have an attorney review it?"
9

Surprises at the closing table

Liens, judgments, back taxes, unpaid water and sewer bills, solar contracts and loan modifications all get paid from your proceeds at closing. A buyer who never asks about them up front can leave you with a much smaller check than you expected, or a closing that suddenly can't happen.

Ask them

  • "What will I actually walk away with after payoffs and liens?"
  • "Can you show me an estimated net sheet?"
10

Someone you can't look up

No office, no license, no reviews from real people, no homes you can see that they've actually bought. If something goes wrong, there's nobody to hold accountable.

Ask them

  • "Where is your office? Can I come meet you there?"
  • "Are you licensed? What homes have you bought and renovated?"

New Rhode Island rules start January 1, 2027

Rhode Island passed a law in 2026 to protect homeowners from contract-flipping. Starting January 1, 2027, anyone who puts houses under contract to sell that contract to someone else (more than once in 12 months) must:

  • ✓Hold an active Rhode Island real estate license.
  • ✓Tell you in writing, before you sign, that they may assign your contract to someone else for a fee.
  • ✓Give you 3 business days to review the contract with an attorney and cancel for any reason, without penalty. You can't waive that right.

If those disclosures are missing, the law lets the seller cancel the contract at any time before closing. Read the law yourself: R.I. Public Law 2026, Chapter 410 (new R.I. Gen. Laws ch. 34-51). This page is general information, not legal advice. For advice about your contract, talk to a Rhode Island real estate attorney.

Melissa Perrille

How I buy houses

The number I give you is the number I plan to pay.

I'm Melissa Perrille, a Rhode Island investor with a real office and a reputation I've built over 25 years. I'd rather lose a deal by being honest than win one with a number I can't stand behind.

I'm a local investor and the actual buyer.

When I make you an offer, I'm the one buying your house. If your house isn't one I'll buy myself, I'll tell you that up front and explain your other options.

A fair, reasonable offer, not a bait number.

I'm also a certified real estate appraiser, so I'll show you the comps and the repair math behind my number. I don't lock up houses with high offers and then renegotiate before closing.

You pick the closing date: 7 days or up to a year.

Close in as little as 7 days, or take up to a year. We work around probate, your move, or your next home.

Help with moving costs and immediate cash needs.

If you need money before closing to move, catch up on something urgent, or get settled, tell me. We'll talk about what we can do.

A real office you can walk into.

1599 Smith St, North Providence. Come meet me, look me up, and read my reviews. My name and my reputation are on every deal.

Licensed, and honest about listing.

I'm a licensed broker in RI, MA and CT with over 25 years in real estate. If listing your house would put more money in your pocket, I'll tell you.

Already have a cash offer? Let me look it over.

Price is one thing. Terms are another. If you've received an offer, or already signed one, send me the details and I'll walk you through what to ask about: assignment language, the inspection period, the deposit and the closing date. It's free, and there's no obligation.

If it's a good offer, I'll tell you to take it. If it isn't, you'll know before it's too late.

I'm a licensed broker, not an attorney. For legal advice about a contract you've signed, talk to a Rhode Island real estate attorney.

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