Ways of Avoiding the Common Real Estate Scams
With the advancement in technology, it has become rather easy for scammers to take advantage of unsuspecting homeowners and individuals who want to buy or rent a home. Any individual with a PC and internet access can post on sites like Craigslist and Zillow. Therefore, not all posts on such websites will be accurate or true. In fact, some studies have shown that a website, for instance, Craigslist, does not flag over half of the post which is on their website. These high cases of fraudulent posts makes it more critical to understand real estate scams. In this guide, you can discover more about the most typical scams and ways in which you can prevent them.
Scams can happen in your search for a new house and also after moving into your own home. To aid you with getting more data, below are some of the most common real estate scams which you should know.
Online scams are common in the popular sites, and they lead to financial harm to unsuspecting buyers. The scammer will claim to be the homeowner or landlord and will respond to your emails in good time and professionally. To avoid such scams, you have to be able to identify the red flags on posts which are fraudulent. The use of a third party, methods of payment and a foreign seller are some of the red flags to look out for. The scammer might also suggest that you meet at a different location so as to sign the sale agreement and give you the keys. But, the key red flag is if the deal appears too good to be true. If the ad has quoted a very low price for the house which is below the other listings, this is a scam.
Scammers will normally use another person’s identity by utilizing false documents so as to have someone transfer the home to them. The fraudster will then take a new mortgage on the home, receive the money and leave no trace behind. The homeowner is left between a rock and a hard place where they have to pay the mortgage. You could purchase title insurance to avoid such a scam.
You might protect your data better and thus avoid being scammed. Scammers cannot create fraudulent documents in case they do not have any of your personal information.
When you are searching to purchase a home, it is critical to have a realtor to assist you in finding what you are searching for. However, you ought to be careful as the scammers are now lying that they are real estate agents. To prevent such frauds, ensure that you get the help of reputable real estate agents and read online reviews that prove that they are credible.
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