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3 Real Estate Scams To Watch Out For

3 Real Estate Scams To Watch Out For

You enter the housing market with dreams and a lifetime worth of savings to find a place to call home. There’s significant emotional labor and financial investment at stake, and you can’t risk hurting either or both.

But shadows are lurking in the dark, waiting to scam you with fraudulent schemes. It’s essential to slow down and proceed with caution. When you’re dealing with a large stash of cash, you’re attracting scammers who’re lusting after your money. Never let your guard down and keep your eyes out for such real estate scams.

 

Wire Frauds

It’s a commendable feat if you’re ready to close the deal on your new home and everything seems to be in order. Finding the right place is hard but finding credible real estate agents to help you along is harder. We know you must be excited to pay the deposit, pack your bags, and move into the new home.

But if you receive an email that cites all the deal’s correct details and asks you to wire the down payment, do NOT fall for it. There are many red flags in such situations.

First, it’s asking for a bank transfer, whereas such deals are generally finalized with hard cash. Consult your estate agent on this if the seller insists on online payment.

Second, you can’t verify distant bank accounts.

Third, online payments are irreversible once debited from your account. You don’t want your hard-earned money to land in the wrong hands. Be careful!

Hoax About Homes

Ever wanted an apartment in a building in a great location with a beautiful 15th-floor view? If the apartment had always been out of your reach but suddenly became available at a great price, something’s not smelling right. The agent might coax you into the deal by claiming that it’s not yet listed on the market; hence, you can’t inspect the place in person. You may only look at pictures or drive by.

Eager to move in, you hastily make the deposit and wait for the keys. But that never happens because the agent will go off the radar and refuse to answer your calls. Never invest in homes that you can’t visit. Pictures can be deceptive. If you’re moving into a different city, make a quick trip before paying the deposit to be sure it feels right.

Shady Cover-Ups

Properties in elite neighborhoods rarely lose their market value unless there are structural damages in them. It could be anything as ugly as a wall covered with mold spores or a weak foundation with water damage. Simple cosmetic fixes can temporarily conceal the problem, but only an expert estate agent can uncover the details.

It’s crucial to hire a realtor who will work in your best interest and not con you for more money. And speaking of reliability, experience, and trustworthiness, there’s none better than Fathom Realty’s Phillip Fehler. He is a real estate broker, and his experience in the real estate industry remains unmatched. He has helped many residential clients in Fayetteville and Fort Bragg, North Carolina, and can be trusted for the most valuable house purchase.

Reach out to us at (910) 381-1341 or email us at phillipsellsnc@gmail.com.

 

 

 

By |2020-10-15T12:47:04+00:00October 7th, 2020|Blog|0 Comments