Every day, we learn how real estate scams have wiped out people’s savings. And why people filed a bankruptcy case against real estate agents. If you haven’t read the details under those headlines, we will brief you about them. Let’s take a look at 6 of the most popular real estate scams to be mindful of.
Read to know about real estate trends nowadays.
Fake Real Estate Agent
Never believe someone who has no prior real estate experience and has no positive or negative reviews. Hire an agent whose tracking will be easy. Before pooling an investment on a property, check if the agent belongs to a reliable real estate agency. How to know if a real estate agent is carrying out real estate scams with you?
• He’ll always be busy or out of town. He will never be able to meet with you. Meet with an agent before hiring him. Learn about him from the market people.
• He will make calls at odd times. It means he is operating from overseas. So, there are chances that your money will be going to scams’ pockets.
• If the real estate agent wants to know about your financial situation from the moment he meets you, he is a liar, meaning he is one of the real estate scams.
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Online Real Estate Portals
Multiple online portals are operating these days. There are chances that they can be fake. If a real estate portal has a form for filling and demands extra information. Like, account number, credit card, debit card number, and ID card number. Don’t fill the form. No one should have access to your data. They are going to be one of those real estate investment scams.
Allotting The Same Land to Multiple People
Real estate agents or brokers may sometimes possess a forged ownership document for a plot. They show it to a large number of people. They pretended to own it and are now looking to sell it. It is thus sold to more than one person at a time in this manner. It often happens if you buy property without seeing it. And also with the people who purchase files of a plot. So, be conscious of these real estate scams. You can check the housing societies approved by CDA to limit the scams.
Overpricing and Underpricing a Property
If someone offers you to buy a plot or a bungalow at low rates, you should know what to do. Reject the offer instantly! No one sells their property at low prices than the market ones. Everybody loves money and wants to earn them. It’s either something wrong with the property. Or the person trying to sell it doesn’t own it.
People who want to sell properties at higher prices are likely to be committing real estate scams. They will tell you about all of the advantages of purchasing that land. Find out about the prices in the region and then purchase it. If you want to buy a plot in Nova City Islamabad, for example, you can contact approved dealers to see if the price asked from you is reasonable.
Sellers and agents are not the only ones who commit real estate scams. We frequently hear about fake buyers who appear to be interested in purchasing a property. They obtain the original documents from the agent. And inform them that they will send cash immediately after receiving the documents via banks. They then abscond. To avoid such cases, ask your clients for copies of their CNIC so that you can trace them.
The real estate scams will sometimes post ads with almost no information. Before you invest your money, double-check all of the contact information, email addresses, and images. If you still don’t understand, you can call the societies’ helplines to see if the agency is an authorized dealer.
To summarise, this article intended to make you aware of various real estate scams. Now that you know what they are and how you can avoid falling victim to them. Makeen Marketing is the place to go if you’re looking for an authorized dealer in Pakistan.