It is almost comical to believe you can not be scammed or tricked in a real estate deal. While certain sellers and buyers are very trustworthy, there can be some deceptive sellers, agents, or buyers. Here are some useful tips to avoid a real estate scam.
The truth is that the character of dishonesty is not written on anybody’s forehead, instead many of these scammers are criminally inclined folks who are taking advantage of the scheme. Scams in Nigeria’s real estate industry are real, but real estate scams are not only a concern that is unique to Nigeria. It’s a global phenomenon and there are ways in which you can defend yourself from becoming a survivor.
- 1 What is a real estate scam?
- 2 Don’t Rush To Buy Or Rent.
- 3 Verify The Other Party In The Real Estate Transaction.
- 4 Ask Questions Before Payment.
- 5 Never Pay Cash.
- 6 Avoid Email Scams.
- 7 Use A Verified Real Estate Agent/Agency To Search For Properties.
- 8 Go For The Inspection.
- 9 Don’t hand out personal information.
What is a real estate scam?
Real estate scam, is a type of scam where the scammer claims ownership of a property in order to con their victims out of their 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 Or Rent.
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 or leasing process is that you have no time to query the real estate deal.
Step on the brakes of enthusiasm and evaluate the agreement logically if it seems to be valid, so it is prudent to step back from such transactions. Being safe is easier than being sorry.
Verify The Other Party In The Real Estate Transaction.
Don’t take whoever you work with at face value to ensure that you do your homework on that person. This is the modern era, search the individuals online, ask other people for referrals and review their previous works.
If something goes wrong about the person involved in the real estate deal, your gut instinct tells you, then you need to step back to do some research on the person. Don’t work with any person with whom you have no trust.
Ask Questions Before Payment.
Ensure to ask a lot of questions about the real estate problem, especially about any unknown issue. Ask the seller what the explanation for the sale was? That may be a red flag because there is no justification for the selling. Questions are important because they help to expose anomalies in the transactions of real estate.
You ought to reconsider your participation in the real estate deal if you spot any contradictions that can not be reconciled.
Never Pay Cash.
If you are asked by the landlord or seller to pay in cash, then you can closely track the real estate transaction. The drawback with paying in cash is that unlike paying in a bank, the money is not traceable. 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.
When all is not as it is, you want to be able to keep someone responsible; so be vigilant and stop transfers that you can’t track. If paying in cash is unyielding to the agent or house owner, so you need to walk back from that deal immediately.
Avoid Email Scams.
Scams originating on the Internet are not rare these days. All the benefits of the modern era have made our lives a lot easier, but they do not come without damage. Double-check with your agent before taking any measures demanded electronically when you receive an email that appears unusual.
Use A Verified Real Estate Agent/Agency To Search For Properties.
Sources for listing online properties, like propertypro.ng, are reputable websites for locating properties in Nigeria. It is advisable to use a well-known real estate agent in order not to be cheated on one’s hard-earned money.
Go For The Inspection.
For any real estate deal, a big red flag is whether the landlord or 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 landlord or 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.
Have you been involved in a real estate scheme or met someone who has? Please share your story for us to learn.