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Tips to Help You Avoid Real Estate Scam

Last modified about 8 months ago by . Posted in School News |

Tips to Help You Avoid Real Estate Scam.

Avoid Real Estate Scam… Real estate investments remain one of the best ways to plan for the future, and the real estate industry is one of the fast growing sectors in the country. A lot of people are beginning to go into the business. With lots of people going into business, the chances of being a victim of real estate scam cannot be overlooked.

Avoid Real Estate Scam

Tips to Help You Avoid Real Estate Scam

However, this is not to say that there aren’t honest sellers and buyers but the reality of it is, scammers are not recognised by the colour of their skin or face. It is also important to note that real estate scams are not limited to Nigeria alone.

The question then is: how do you avoid being a victim of real estate scam? To be honest, there are no handbooks or manuals to determine if you are about to be scammed or not but there are definitely warning signs and tips to avoid being scammed. Here are tips to help you avoid real estate scam when entering into transactions.

Be Patient.

This is one attribute that can’t be overlooked when entering into transaction in the real estate industry. Most people end up being victims of real estate scam because of their lack of patience. It is probably due to getting an offer that is too good to be true and they just want to sign on the dotted lines as soon as possible. While you are excited about getting your dream apartment and getting it for a good deal, you might want to step on the brakes as well.

It is advised to objectively analyse a property that the deal appears too good to be true. It might be a signal for scam and it’s better to be safe than sorry.

Ask Questions.

The truth is, as earlier mentioned, you can’t identify a real estate scammer by the colour of their skin or face. It is therefore very important to ask questions when entering into any real estate transaction. Ask questions on anything and everything regarding real estate. Lagos is that one place you want to ask this question. Ask the real estate agent the reason why the Lagos property is up for sale.

Ask questions about the previous owners, about the property, and about the contracts too before signing any deal. When there are no adequate answers to your questions, it can be a red flag for scam. Aside asking questions from the real estate agent, you can ask to meet the neighbours or the previous owners. The questions you ask are important to help reveal inconsistencies in the answers provided. If there are any, it’s better to rethink your involvement in the transaction.

Avoid Paying Cash.

Another clue that you are about to be a victim of real estate agent fraud is when you are asked to pay in cash. This might not look harmful at first glance but it is a possible red flag for scam; no matter how close the relationship is with the real estate agent or property owner.

The problem is paying in cash is that once payment is made, it becomes untraceable. Unlike paying in a bank account or writing a cheque and can be traceable if the transaction goes wrong. You don’t want to be left confused on what to do went the deal goes south. Therefore, when asked to pay in cash, you might want to have a rethink.

Don’t Skip Inspection.

One of the common tricks of real estate scam is when the property owner or real estate agent is not willing to allow you inspect the property. If he keeps postponing or cancelling scheduled dates for inspections, it is a possible red flag for scam.

When there is nothing to hide, he will definitely grant you access to inspect the property. You don’t want to end up paying and have regrets. If you are not granted permission to inspect the house, it is best you terminate the transaction.

Use A Reliable Source In Your Search For Properties

Inasmuch as your source for a property to buy or rent can be from friends or close relatives, there are times you want to search on the internet. The flip side of the internet is that despite its benefits, there are lots of drawbacks too.

The possibility of getting your dream apartment is very high but so are the chances of getting scammed. However, there are various online platforms like PropertyPro.ng that you can use in your search. It is advisable you contact well known property known agency to avoid losing your hard earned money.

Verify The Real Estate Agent.

The possibilities of feeling relaxed can come into play when the real estate agent is someone referred by a close friend. It is however important not to take everything by face value. Do your homework of the real estate agent. In this age of digital awareness, check the person online, ask for referrals from people and review their previous projects handled.

It is also important never to give any personal information or bank information over the Internet or phone, especially if the situation doesn’t feel quite right. This is very key to avoid being scammed.

What’s your take on this? We believe this article was helpful, if yes, don’t hesitate to share this information with your friends on Facebook, Twitter, Whatsapp and Google +

NG Team.

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