Like any other sector, the real estate industry also attracts scammers to manipulate the hard-earned savings of the investors. Therefore, it is important to spot fraudsters before you close a deal and make a payment. In this article, I have mentioned a few scams that everyone needs to be aware of:
Information Forgery
Publishing false information has become very common in today’s digital era. Checking and double-checking sources and information is a must particularly when buying a property through commercial agents. You probably are already aware that like the sellers their job is to close the sale in order to earn high commissions. They tend to present a perfect picture of a property regardless of what the reality is. So, it is sensible of you if you take full advantage of digital property platforms. This way, you can update yourself with the relevant and complete information before you attempt to make a huge investment. You can browse seemingly endless sources of information from different portals. Do your proper research to save your back from fake information that property dealers present to you.
Payment Method
Understandably, making payment for huge investment through cash is not really a practical and feasible approach. But, online payment methods can also lead to serious scams. If you make an online payment to buy a house, it is quite possible that your dealer can misreport that transaction to your seller. Therefore, it is suggested to employ reliable payment methods to transfer money like a bank draft. This way, you can retrieve records by the respective bank in case of any scam. The transparent payment approach lets the user avoid unforeseen and unfortunate circumstances. However, if you happened to make a project payment through online means and have been victimized by the scammers, then don’t you stress out! You can report fraud to the proper authorities to help you with what you lost and hopefully prevent the situation from happening to someone else.
Out-of-the-Country Trick
It’s a typical scam from the end of the prospective landlord or existing owner of the property. He can possibly come to you with a fake statement that he is out of town for a while and is unable to invite you to meet in person before you sign a legally binding agreement. He promises to send you a house key once you have made initial deposits. So be aware of this scam and always insist on inspecting property first. If he says that it’s not really feasible for him, then walk away from the overseas deals.
Title Deception
This real estate scam has to do with property titles. For instance, if person A is selling his property to person B as per the agreed amount. There are high chances that property agents may attempt to scam with documents for his personal goals. Like he can put his name in the documents as a new property owner instead of person B who is actually making the payments. The scammer will leave you with nothing once the deal is closed. So, be aware of such scam and make certain that you know the property agent on personal grounds. Carefully read all the relevant paperwork and approval statements.