Approaches to Avoiding the Typical 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 person can post on Craigslist and Zillow if they have a computer and internet access. Therefore, not all posts on such websites will be accurate or true. In fact some surveys indicate that Craigslist does not flag at least half of all the fraudulent real estate posts which are posted on their website. The high instances of scams make it more essential to understand real estate scams. In this article, we will explain some of the most common scams and approaches to avoid them.
Scams occur while you are planning to move into a new property and also after moving into your own house. To aid you with getting more data, below are some of the most common real estate scams which you should know.
Unsuspecting buyers encounter financial harm due to the prevalence of online scams on the famous sites. The fraudster will say that they are the homeowner or landlord and will reply to your emails in a timely and professional manner. To avoid such frauds, you should be able to see the fraudulent posts or red flags. 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 advise you to meet at a different place and to sign the sale agreement and offer 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 owner of the home is left in a hard place where they have to pay off the mortgage. You might buy title insurance to prevent falling into such a scam.
You might protect your data better and thus avoid being scammed. If the scammers do not have any of your personal information; they cannot create fraudulent documents.
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. Nonetheless, you must take caution since the scammers are now claiming to be the 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.