WHAT IS REAL ESTATE SCAM??
Real estate scam, is a type of scam where the scammer claims the right of possession of a property in order to con their victims out of their hard-earned money, they sometimes proceed to sell out the same property to multiple people, leaving them in confusion as to who legally owns the property.
But the main question is: how do you know whether in a real estate deal you’re going to get scammed? The reality is that if you are going to get scammed, you can’t understand, but there are warning signals and tips you can use to defend yourself from scammers’ behaviour. There are healthy ways to handle purchasing, renting, or selling every house, even though you are dealing with trustworthy individuals.
Don’t Rush To Buy.
It is very easy to find a lot and you most likely want to move fast so that you don’t miss anyone else’s bid, but the difficulty with accelerating the purchase process is that you have no time to query the real estate deal. You really have to calm down to make so much enquiries about what you intend to buy so you don’t fall into scam hands.
Ask Questions Before Payment.
Ensure to ask a lot of questions about the real estate problem, especially about any unknown issue. Most times ask annoying questions from the seller to be sure of the genuity of the property you are purchasing. Questions are important because they help to expose anomalies in the transactions of real estate.
Never Pay Cash.
If you are asked by the firm or agent to pay in cash, then you can closely track the real estate transaction. The main reason why you should not pay cash to any real estate firm is just because of future reasons Incase of you want to trace back to the payment you made. Instead, you rely on writing checks or paying at the branch and if the deal goes wrong, this form of payment does not leave you hanging dry.
Go For The Inspection.
For any real estate deal, a big red flag is whether the agent tries to prevent you from inspecting the property. If nothing to cover is suspicious, so inspection is not negotiable. Insist on review and then it is advisable to promptly cancel the real estate contract if not granted by the representative.
Don’t hand out personal information
It is often better to refrain from handing out any personal information or bank information over the internet or phone as a general rule, particularly if the situation does not feel quite right.