Real Estate Scams and Hoaxes and How to Avoid Them

In case you want to buy property, a home or a piece of land in any part of the world, take heed of the existence of real estate scams that might shutter your dream of owning your most valuable asset. This article will show you How to Avoid a Real Estate Scam. Check out how to identify and avoid them.

Make Sure the Seller is Genuine

An honest seller will show up when required, answer all questions and will not delay if documentation is requested. If they don't behave that way, then that should be enough to raise your eyebrows. The seller should be able to provide you information about the title. This is where having a real estate agent is helpful. An experienced agent has seen the scams and knows when the Seller feels fishy. Deal with a licensed real estate broker.

Ensure you're dealing with a licensed real estate agent. If your agent isn't licenced you could be dealing with a con artist. On your first meeting, make sure you are comfortable with the agent's identification. If you are not or they can't produce any, then you're not dealing with a professional enough agent walk away.

To eliminate all real estate scams, conduct all your payment transactions using a closing attorney known to you or your agent. There are witnesses to your transaction and protections for you by using Title Insurance. Check reviews online.

With the modern technology, the best real estate agent should be found in the internet. Try to read the real estate agent reviews and find out what the clients are saying about them. Or use a service like HelpFindingMyAgent.com who screens their agents carefully for you.

Ensure all records are complete and kept safe

In case your developer fails to meet the terms of contract or you notice a suspicious delay, you might need to consider filing a lawsuit. If that happens, your documents are your best bet.

Don't pay cash

Paying via check is one of the best ways to Avoid a Real Estate Scam because they can be traced. A con artist will try to prevent you from paying using a check and will prefer payment in cash. This is not only applicable to when you are buying but also when you're renting a property. Alternatively, you can delay the transaction so that you prepare a receipt and the agent should sign. Even if you were ready to make payments and someone tells you that she has forgotten to carry along an official receipt, don't make any payment.

Get the right information

The sure way to avoid real estate scams is by finding all the details about the property by using a strong agent. If it's a new developer, check the area. Find articles and reviews about them see whether there are any scams that are associated with their company or this property.