One cannot afford to be gullible in case of a real estate transaction. The con artists are also former real estate professionals who make use of the real estate procedure.
Here are some warning signals for you to safeguard with regard to real estate scams. You can be judicious while you are dealing with purchasing, renting or selling any property.
- You should never carry out the deal in a fast manner. It may be a very good deal and you want to grab it, but you have to ask questions. If you are a renter you should get inside the property rather than seeing the house just from outside.
- Some former real estate agents may be so convincing that you won’t believe that they are con artists. They will have a page in business to business social media platforms like LinkedIn and it would give outdated info or wrong info that the victim believes to be correct. There are also unlicensed professionals who are still in the process of selling properties. So it’s wise that you ask for the license of the agent.
- Some sellers will consciously sell off properties that have issues. But they will give a picture as though the property is seamless. So it’s prudent to pose as many questions about the property including the reason for selling off the property etc.
- Be sure of what you are involving yourself into. The key is to carry out the homework and get a professional and legitimate real estate agent to help you in the whole procedure. You can get property details through a title company. This helps you to cognize who is adhering to law in case of owning real estate.
- You may have a feeling that there is something wrong but you would not have paid heed to your gut feeling. So the key is you should not ignore your gut feeling. There are some real estate agents who make the home buyers to give false details so that the loan application looks good. You may get the deal across but that implies that you also got involved in the fraud. So it’s good to say a big no to a transaction if you are not comfortable with it.
- One has to be extra careful in case of scams related to rentals. This is due to the reason that this is the only fraud where the attorney is not involved. In case of purchasing houses it’s a different case. Banks are extra careful that you don’t involve in a purchase deal where you are not the owner of the property.
When you have a partner these are the suggestions to stay away from real estate scams:
- Partnering is good when you have dependable partners in lucrative markets.
- You can put forth some prudent questions to your partner including the reason for the deal being good, how can you be safeguarded from the partner going away with your money etc.
- If a person offers a deal ask your real estate attorney to analyze it carefully.