Real Estate is one of the worst sectors to be defrauded in because it involves mostly large ticket transactions. Unfortunately, dubious and cunning people are everywhere. If you won’t get familiar with many things, you should with common red flags in real estate transactions.
They, these scammers, come disguised as real estate professionals in all of the forms you can ever think of, only to get a credit alert and disappear. Being defrauded in the times we are in is an unfortunate place to be. Not only does it put a strain on your overall finances, it handicaps you of funds that should be available for other equal or more important financial errands.
Knowledge about what to watch out for to avoid being defrauded is therefore paramount in real estate transactions and dealings. It is important that you do your due diligence to avoid stories that “touch the bank balance”.
Below are top 5 red flags in real estate to watch out for:
Impatience on the part of the real estate agent
When a real estate agent seems too impatient to close in on a deal, it is a potential red flag in that real estate transaction. You should take a step back and reassess the situation. Try to thoroughly investigate and be sure that you are not going to be duped.
An honest transaction does not involve all of that rush and pressure. Wait, keep your money safely and be sure before deciding and paying. Any rushed transaction in other sectors that are not even real estate screams fraud. If a real estate agent wants to be impatient, choose to be patient.
Figures that don’t add up
When the story is too good to be true, it’s time to step back. That’s a definite red flag. When anyone is initiating a real estate transaction with you, be careful of bogus and exaggerated claims. Some people are sweet-mouthed and deceptive.
They can convince you to take on a transaction that would not only hurt you financially but emotionally. Watch out for these things and stop to think before making a decision.
Legal checks are avoided
For large real estate transactions especially, you need the services of a lawyer. When a real estate agent insists on not having a lawyer involved, be assured that this is a red flag in that real estate transaction. They tell you that they have everything sorted out and so, you really don’t have to worry.
These are smooth talkers and if you are not careful, in a carefully planned and swift move, you are already giving in to their unreasonable and visibly fraudulent suggestions. Beware!
If you will skip other processes involved to secure a land or get a new home, don’t miss the step where you should actually go and physically see the site. Fraudulent people play very smart and that’s because they have been in this for a very long time. They keep on delaying, postponing and eventually denying you of the opportunity to get to see where you will be investing your money. You need to be patient in real estate transactions. Take your time. You can tell them that you can afford to wait until they are ready to show you what you are about to buy.
Refusal to offer an evidence of payment
Before it becomes too late, insist until you get a receipt. This is most common with renting apartments and hostels. A dubious agent will keep on staling until you forget. Don’t fall for that trap. You might have already paid to this scammer which is probably not your fault. Demand a receipt and quickly take it up if it is becoming an issue.
In summary, real estate transactions need that you be patient and do your due diligence well. Allow for human error and mistakes but not too big that they scream for your withdrawal. Do not be afraid to put anything on hold, you are not going to lose the ‘best deal’. That’s what they tell you, they say you should hurry before it slips off your fingers. You will always find other reasonably good deals.
It is always noteworthy that the appreciative value of real estate depends greatly on the right location. While considering to invest in real estate, the site should not be too far from top places of interest in Nigeria. There are places to visit in Nigeria which are largely untapped mine for the real estate industry.
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