Ways of Dealing with Possible Real Estate Scams
Despite the rapid growth of the real estate sector, getting a property in a clean and trouble-free deal remains a significant challenge for the industry. Indeed, there have been tales of people investing vast sums of their money in owning a property only for it to be repossessed by the government or other entities. As if that is not enough, many have been made to pay for property that doesn’t exist in the first place.
However, being aware of some of the possible ways of scam, property hunters can be able to know legitimate agents and potential scammers. The following are some of the possible ways online property-seekers can avoid rippers.
Always insist on viewing the property on location.
Inspecting the property on location is the only way to make sure the property exists. Never agree to make any payment or signing any paperwork before carrying out a site visit. A site visit will allow you to verify the exact description of the property, especially whether it is situated on your desired location.
Verify the identity of the agent you are dealing with.
Working with an agent or broker behind a keyboard is always a risky path that exposes you to vulnerability. Always make sure that the people you are dealing with are legit. Carry out a quick search of their addresses, location, name, and contacts.
Avoid listings that have been posted many times.
Scammers many a time duplicate property listing and put it on their websites with a lower asking price, beautiful photos of site locations. Always do due diligence and find out if they are the actual sellers of the property.
Always conduct a search and ministry offices.
To avoid buying a property that is not put up for sale by the owner, always insist on carrying out a search at the Ministry of Lands’ offices. Ask the owner to give you a copy of the land’s title deed and use it to ascertain the real owners. The search will also help you determine its leasehold status or whether the property lenders like banks have a claim on it as a result of unserviced loans.
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