Whether you’re a buyer, an investor, or a broker, you can be prone to scams and other traps.
Here are some property scams that you may encounter and advise on how to deal with them.
DOUBLE SALE SCAM
This happens when a property is bought by two different people. Oftentimes, when the first buyer fails to register and transfer the title in his name, the seller will sell it again to a second buyer.
PRE-SALE SCAM
At the pre-selling stage, some developers entice prospective buyers with extremely low rates with attractive incentives and timely turnover dates. Lured buyers will then purchase the house, pay the downpayment and monthly equity.
PROPERTY TITLE FRAUD
Scammers would use old property titles and use another information to create fake titles. They would also provide supporting fraudulent documents to make everything seem real.
RENTAL SCAMS
There are rental listings available online that are set up by fake agents. They would copy listings of properties and present it as their own.
ABSENCE OF FULL DISCLOSURE
Some agents are excellent salesperson that they get away with misrepresenting a
property.
FRAUDSTERS POSING AS BUYER
They would normally approach a seller privately and show keen interest in the property and put in an offer.
Property scams will always be inevitable in the real estate world. Make the wise decision and notify the laws immediately when you caught one.