The real estate sector is a focus of attention of unscrupulous people, dedicated to commit scams. Therefore, it is important that you know their modes of operation so that you can identify a possible deception before falling into it. Below you will find important tips that will help you know how to avoid falling into a real estate scam.
The need to acquire or rent a place to live triggers emotions, which sometimes deprive you of reason. This is known by scammers, who have generated strategies to take advantage of this situation, in favor of their interests.
The best way to avoid falling into this type of scam is to attend the series of rules that we give you below.
Inspect the property in detail before canceling
It seems logical; however, scammers usually apply strategies to hinder you from inspecting the property. They present very well built excuses, to prevent you from inspecting the interior of the property. Even, sometimes, they allow you a brief access, quickly interrupted by an emergency, that is presented to the person who shows it to you.
The recommendation is basic: do not cancel any money until you can inspect the property in detail.
Avoid hasty deposit payments
The likelihood of being scammed decreases with the time it takes to negotiate, and scammers know it. Therefore they try, using persuasion and coercion, to obtain a prompt payment from you. This arguing a possible price increase, or that there are others interested in housing.
If you identify the seller’s purpose of expediting the disbursement, whatever the reason, take the case forecast. Most likely you are in the presence of an attempted real estate scam.
Take care of the payment method
Scammers prefer payment methods that leave a minor mark, and are difficult to trace. Thus they avoid evidence of the crime, in case they are discovered and brought to justice.
Therefore, it rejects any suggestion of making payments in cash, jewelry, or any other liquid form of payment.
Avoid the bait and change scheme
When you sell, the scammer can offer a price above the real market value, subject to waiting a while for your payment. If you accept this and sign a commitment document, without contemplating it, you bite the bait .
The change occurs later, when the buyer ostensibly declines the offer, as a condition to honor the sale commitment. If you have an urgent need to sell the property, the wait may force you to accept this new condition. And you will have been a victim of the real estate scam known as the bait and exchange scheme.