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How can I detect a Property Scam?

Looking for a property requires a lot emotional stability. But amidst all of the emotions, it should not waver you from doing tons of research. It is sad to say however that some people engage in the real estate business for the goal to con people and get away with a large amount of money.

Just recently, news broke that a couple was robbed of twenty million pesos by a person engaged in real estate. It is a dismay for the couple to know that the corporation they were dealing with, had no office. The address given to them leads to a parlor. There is still no news of the robber’s whereabouts.

This is shocking news. It is really big of a deal to negotiate with a legitimate real estate company. The only way and the fastest way there is, is to have a real estate agent working under a famous and respected name. A name that is ready to gamble just to meet their client’s need — a home.

To give you a hint of how scammers operate, they want to get the money immediately so they go against the market trend to get the easy money without breaking a sweat of going through the legal process and lend time to show a tangible property.

Look for the red flags

Detecting a scam is also a matter of trusting your instincts — getting vigilant from start to the end process. If a price of a property is too good to be true, you might want to take a second thought. A property priced below the ongoing market rate should signal a red flag.

If the landlord immediately hands you over a title and a contract while you were inquiring for a house or lot just to show that there is a clean paper — it’s a scam. It is certainly a scam if you are immediately placed in the process without proper screening like knowing your background, lifestyle and budget.

Another red flag is if the landlord or agent is disorganized in a way that he or she keeps moving schedules or finds an excuse not to meet you — this could also be a possibility that they are unable to show an actual property because there is no actual property.

Do not wire money to anyone you meet online or someone who is selling a house on their FB page. Do not jump right into the trap. If you have just had a conversation with them online, the next step should be having a trip to the property. Definitely, no money should be downed yet.

It is still safe to do your own research with vigilance. Doing a thorough market research of the prices, the lots or houses in the area you are looking within can give you a general idea of the price trend of the properties. And always look for and deal only with the trusted real estate agent or company who does ethical practices to get you what you need in the legal way.

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