Beware! These Property Scams Can Cost You
Buying and selling real estate in Sydney is an expensive piece of work. Indeed, for many people, a house or some other property would be the biggest buy that they make. If you are looking to buy or sell your property, you must remain educated and aware. This ensures that you get conniving criminals who do not scam your property’s worth.
Is This A Scam – What To Look Out For
Property selling and buying can look very intimidating. This is particularly due to the money and legal hurdles involved. But, with some basic knowledge and a keen sense of awareness, you can ensure that the transaction takes place without a hitch. Here’s what you need to look out for –
- Undervaluation of Property– Unfortunately, times when the market conditions mean that your property’s value will go down. It can even become even less than what you paid for. Such a condition always requires alertness on your part. Property valuer in Sydney will decide what you get paid. So it is always good to get second opinions or ensure that everything is in order.
- Open House, Open Drawers– Open houses are a great way to enable several prospective buyers to see your house, but it can also open you up to many thieveries. Be sure to keep all important and sentimental items tucked away before you host an open house. This includes money, jewels, and documents in particular.
- Subtle Encroachment –A sympathetic story often accompanies this scam. The process may involve payment in instalments or a promised future payment that never materializes. In the meantime, the person may attempt to take physical and legal possession of the property.
As a seller of the property, you must ensure that you get your money’s worth. There are always fraudulent/criminal persons who aim to make away with your property without paying. To prevent such scams, you must know about the basics of your property. Also, keep all your important documents in place, with backups, to help you out if something does go wrong.
- Over-valuated Property – Before you buy a property, it is a good idea to do some research. This helps you understand how much you should pay for what you are looking for. This way, you can catch an over-valuated property early on. Many sellers will try to excite such properties by pointing out some particular features. You can this by checking the value of such features independently.
- Watch from Afar – If any seller or agent suggests that an exclusive property is undervalued because it is ‘not on the market’ yet, that is a significant red flag. This also becomes even more serious if the person suggests that you only view pictures or see the property from afar instead of a proper inspection. Sending across money in such a case means that the person may likely make away with the cash and not respond to you.
- It’s All Cosmetic – A beautiful property just opened up at a dream price, and everything looks spin and span? It might be time to pull out the magnifying class. A cosmetic slap-up is a notorious but frequently employed tactic that hides problems such as moulds or rotting wood behind new paint or furniture. Be sure to take a close look.
As a buyer, there are many ways in which you can find yourself vulnerable to scams. This does not mean, however, that you will never find your dream home. A basic rule of thumb in real estate is that ‘if it sounds too good to be true, it probably is.’ Rely on trusted, established agents and sound common sense, and you should turn out just fine.
Owning or selling a property can be quiet a big job for many us, and it is natural to feel overwhelmed and intimidated. However, these are precisely the features that scammers look for in their targets. Hence, one very simple solution to protect yourself from a scam is to remain aware and educated. Remember that you are one half of a business deal, and you always have the option to step back, take some time, consult with experts, and evaluate all your options before you make a deal.