Strategy: 3 common real estate scams and how to avoid them - CAMPUS94


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Wednesday, 31 January 2018

Strategy: 3 common real estate scams and how to avoid them

3 common real estate scams and how to avoid them

The first rule of real estate “if a deal sounds too good to be true, then it probably is.“

Like all industries, the property sector attracts its share of scammers hoping to con would-be buyers and renters out of their hard-earned savings. Fortunately, there are ways you can safeguard yourself against real estate scams.

To help you spot the fraudsters, here’s a rundown of the most common property frauds – plus some advice on how you can avoid getting ripped off.

1. The fake rental listing scam

These real estate scams take advantage of the online real estate marketplace by copying legitimate property listings, reposting them elsewhere and posing as the agent or landlord leasing the property.

The scammers will usually ask for the security deposit or another down payment upfront. Often they will ask you to wire money in advance while a contract is being drawn up.

How to avoid getting scammed

i. Never agree to wire or give money to someone you have not met in person.

ii. Always try to verify the identity of the person you are dealing with.

iii. Report an agent or agency you believe is fraudulent to the appropriate authorities.

2. The out-of-the-country scam

In this common scam, the prospective landlord or current owner says they are out of the country and unable to show you the property before you sign the lease or contract. They usually promise to send you the keys in the mail once the deposit has been paid in advance.

How to avoid getting scammed

i. Always insist on inspecting the property yourself. If the landlord or agent says this is not possible because they are overseas or unavailable, walk away from the deal.

3. Requests for personal details

Somebody contacts you from out of the country and inquires about buying or renting a property you have listed. In the process, they usually then request your personal information or banking details, which is used to steal your identity or rob money from your account.

How to avoid getting scammed

i. Never provide your bank account details or personal identification details to an unknown source over the internet.

ii. Never provide your credit or debit card verification code to anyone.


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