While plenty of homeowners have time to wait for offers when putting their property on the market, others are in more of a hurry. Circumstances ranging from foreclosure to a job transfer make them eager to unload the home fast.

Some companies appeal to these sellers directly by offering a quick and easy transaction to find a new owner for the home. The company makes a cash offer to take ownership of the property, no matter what condition it is in. It allows the homeowner to settle a transaction quickly and move out.

While some of the "cash for homes" companies are legitimate, others seek to mimic their dealings to take advantage of a homeowner. Know the red flags to protect yourself from scammers who promise to take your property off your hands.

The home buying company HomeVestors warns against any offer that requires you to pay a fee or upfront cost. Since legitimate companies that buy homes for cash make their profits by rehabilitating the property before renting or selling it, they shouldn't be charging you; they should only be offering a payment for you to accept.

The company says scammers may claim that a fee is necessary for any number of services, from attorney's fees to credit processing. You should be especially suspicious if they ask for this payment in cash. Benny L. Kass, writing for Realty Times, says you should also refuse any request to provide your Social Security number, banking information, credit card number, or other information that could be used for identity theft or fraud.

Take a number of precautionary steps to verify the company. Kass says you can start by checking to make sure that they have a Web site and legitimate address. Look up their rating with the Better Business Bureau and check with the AARP to see if they have issued any warnings about the company's practices.

Kass says you should also be wary of any local individual who offers lend you money to make up missed payments and avoid foreclosure. They can easily defraud you by drawing up paperwork to take ownership of the deed to your home without your knowledge.

Other fraudulent companies may offer to buy your home temporarily, allowing you to live there until you are able to buy the property back. When you try to do so, you'll likely find that the price to get the deed back is prohibitively expensive.

Any offer should be presented in writing, and you should not approve it until you have run it by an attorney. The contract should allow you to choose where the transaction will take place, give you the option of using a title attorney or title company, specify when you need to move out, and include at least 10 percent of the purchase price as an earnest money deposit.

Before making arrangements with a home buying company, Kass recommends visiting your lender to see what options are available to you. There are assistance programs which can help you avoid foreclosure and keep your home.

Sellers should also consider whether they can realize a more substantial profit through a conventional transaction. Steve McLinden, writing for Bankrate, says companies will typically offer much less than you would be able to get by selling through a real estate agent. The discounted purchase allows the company to profit by completing any renovations and putting the home back on the market, selling it for a higher price.

Elizabeth Weintraub, a real estate agent writing for About, says a home buying company may also not include the option to settle your existing mortgage payments. As a result, a hefty portion of the funds you receive would have to be used to settle your loan, leaving you with little if any profit.

McLinden says that if you are having trouble selling the home, you might consider setting a lower price somewhere between the company's offer and your prior asking price. If you have time to put the listing on the market for a couple of months, the reduced price might be sufficient to attract an offer from an individual buyer.