How to spot property scams
Business

How to spot property scams & take effective counter steps?

Real estate market has never been so competitive! It’s getting tougher day by day to get a top dollar for your home especially before sell. Calling repair crew and making them do improvements that even you would’ve done is only going to drain your riches. Real estate scams today are common, impacting property market quite pessimistically. Desperate home and landowners, avoiding foreclosures and eager scammers who always devour probable buyers/renters are held accountable.

A licensed and reputable property agent is the key to avoid scams but there’re other counter measures you can take for protection. Things can get far more complicated when it comes to off plan properties so you might want to try these DIY, affordable improvement errands that’ll definitely lure customers. Let’s start identifying property cheats commonly faced by many. Who knows that “for sell” sign turns into “sold” by day’s end!

The trick seminars

Perhaps the biggest types of real estate fraud that may seem entirely legitimate are scammed expositions. Free entrance passes, perks and hand gifts are bait to trap customers while sweet-talk promises you’ll not be subjected to the typical sales tactics. Upon arrival, you’ll actually learn that these free gifts are offered to those who buy passes to on-coming seminars. Falling into the trap isn’t at all exceptional seminars always sound amazing but while reading all the points you’ve jotted down, there’s nothing of any value and a total waste of hard earned money.

The abandoned land

This is indeed disturbing but nothing unusual. These real estate con artists make victims of renters and homeowners alike. These tricksters scan particular area long-time deserted homes or undeveloped land and posts listings online whereas actual homeowner is either on extended vacations or employed in another country.

Where internet is a blessing, these fraudulent are making it a cybercrime platform. They’ll claim to be landlords or their associate at-times to trap novice investors. Bold impostors can even break into the house, change locks or perform more daring crimes such as import documents and blackmail homeowners.

Leasing foreclosure

Either owner or scammers are involved in this type of act. They’re threatened with foreclosure and no other options are available hence renting homes and lands to unsuspecting families are the only choice. They’ll mooch money and move someplace else and continue the dastardly deed. Upon arrival of eviction date, occupants have no alternative but to move out however in-case of bank owned properties, one might be given additional three months stay permit unless viable arrangements are made.

Another classification of a foreclosure scam involves a fake agent. He gains unauthorised access to properties, show around interested families, hoard deposit at times and disappear overnight. More daring scammers even come-up with a fake title deed claiming to hand over either home keys or authority of development for a specific date! And what happens in the end; victims arrive at the site with moving trucks but agent isn’t anywhere to be found, he just disappeared in thin air but it’s already too late.

Rent a “for sale” property

It’s quite common but moving subtly would prevent from falling into the trap. Scammers actually list a property for rent that’s actually entitled for sale; drawing deposit from all who come flying right in. Let’s say you’ve listed super spacious off-plan properties and after a day or two, it mentions “for rent”, something definitely smells fishy here. If you’ve encountered such, try contacting the owner but don’t invest unless you aren’t sure.

Countermeasures

Remember there’s simply nothing like “if it’s too good to be true, it probably is” in real estate dictionary. Always approach a legitimate real estate agency or individual registered with country/state municipality. Carefully interrogate agents and landlords to see where they stand and to unveil any hidden agenda.

Conclusion

Read the above and see who and what you’re dealing with in real estate world. Hope you aren’t the next victim!

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