Just as many as there are people moving to California everyday, there are also equally the number of scammers ready to take on their prey. Just because I’m new here doesn’t mean I would have to fall for them. I am strongly campaigning against them and there are many ways on how to spot a bogus ad and protect yourself from financial risk and manipulation. Below are buying property tips to protect you from scams.
• Real Estate ads that offer too good to be true property deals. While there are good buys, properties that totally defy the market trend should raise a red flag. If you think you’ve got the best catch, check if such a good deal is legitimate.
• To be told that the property may not be viewed or visited is such a phony. Agents (the real ones) are the ones who will really be interested to show you around for a greater chance to seal the deal.
• If money is being discussed upfront without any solid proof that the property will be yours (and that you haven’t even seen it) – this situation must be avoided. Chances are, once the money is sent, you’ll never hear from that scammer again.
• If the seller (or scammer) constantly tells you that the owner is overseas and this is the sole reason why you cannot see the place, at this point you should consider buying another property. Odds are the seller/scammer has no idea who owns the property or doesn’t even know if it is up for sale.
What you can do
• Take time to really visit and inspect the property. If he is the owner or knows the owner, it shouldn’t be so hard to come in and check the area. A drive-by should be a no-no, because frankly, anyone can do a drive-by and claim that the certain property is theirs.
• If the property is on another area or country, ask someone you trust to check on the place and make inquiries about the property’s ownership. If legitimate though, check local laws as well to avoid any inconvenience from the local government.
• If there are other modes of payment applicable, do not opt for money wire transfer.
• Government and real estate developers’ websites can offer information about their properties and contact details if you need further assistance.
• Keep a record of all transactions and communication between you and the seller. This can serve proof of ownership and will protect you from issues in the future. Make sure the seller signs all pertinent documents.
• If you have been conned, take note of the person and all the transactions that happened between the two of you so it will be easier to check on his modus.
Scammers are really everywhere, and especially in real estate business where transactions are dealt with in large amounts – and the risks are huge as well. It is always best to deal with legitimate service providers and sellers. With matters of money, it is always better not to rush things off. With this, you will be spared the headache and cost implications when legal matters set in.
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