Undoubtedly, real estate is a booming industry. The recent times have seen a higher number of investors putting thier money in the property market in order to secure their capital. However, when it comes to investing in properties, there are many things that one has to consider. Regardless you’re investing in flats for sale in Thane West or some commercial properties, you need to watch out for scams.
Having said this, today we’re going to tell you about some of the most common property scams so you can avoid them while you’re buying or selling properties. Read on to know more!
A real estate agent plays an important role in determining the future of your investment whether you’re buying a property or selling your existing one. Because of their crucial role, finding an agent who is reliable and well-reputed is important. However, getting in touch with a deceptive agent is quite common especially for first-time buyers because of their inexperience.
To prevent getting yourself scammed by the hands of an unreliable agent, it is essential to personally check and verify the agent’s credentials before hiring them.
Most property portals claim to have reliable information whereas only a few of them have credible sources. Therefore, when you’re searching for a unit, it is best to find a reliable and well-reputed platform first. To search for your desired property, use a platform that is trustworthy and provides proper customer assistance. Moreover, select units that are verified by the portal. This way, you can avoid wasting your time on units that don’t exist.
Additionally, finding a reliable proper property portal will also ensure that the prices and listings of properties that you’re viewing are accurate.
A common scam that most property sellers face is fake or fraudulent property sellers. Many people tend to scam others by making a deal with them online. These scammers provide fake and fictitious documents while making the deal.
You have to beware of such fraudsters because getting scammed by them will not only cause huge financial loss but it can entrap you in legal bindings also. Therefore, to avoid getting scammed, it’s always a safe measure to meet the seller personally and verify their identity. Doing so will ensure that the person you’re dealing with us who they claim to be and this can prevent you from getting trapped by fake sellers.
Fake and false documents is a very common way through which most property scammers loot property buyers. So, whenever you’re planning on buying a property and have found the unit you’ve been looking for, check its paperwork.
Checking the property papers is essential to prevent any kind of potential fraud. You just don’t have to see the property documents but you’re also required to get them checked by the concerned departments to ensure they’re real.
One thing that you’ve to bear in mind is that making fictitious property documents isn’t difficult for scammers. So, in order to avoid losing your investment, be vigilant while you’re sealing the deal and double-check every document. You can ask your trusted real estate agent to verify the authenticity of the documents.
Fictitious Market Value
Giving the property owners and buyers a fake market value is something that phoney realtors do. When you’re dealing with agents, you can never be sure that the information they’re providing is real or fake. Therefore, it is always recommended that you don’t solely rely on the information that your agent provides you. Make sure to do some market research and check it yourself.
The best practice that one can follow for avoiding getting scammed is to double-check the price of the property that you’re planning to buy. Use multiple sources for doing it. For instance, if you’re planning to buy properties in Thane for sale, don’t just rely on the price the agent is giving you. Check different property portals as well.
Who knows that by doing so, you’ll be able to find a unit at a cheaper price than your agent is giving you. Because of such scenarios, experts always recommend that every buyer should do thorough research before finalising any property.
These are some of the most common property scams that every property buyer and seller should avoid.