Real estate investment is one of the huge investments that a person does in his life. Doesn’t matter how big or small the investment is, but investing your earnings somewhere is a decision you have to take after a lot of thinking. People are afraid that what if they got scammed? What if the property does not give you better returns? What if…?
Don’t worry, the main agenda of this topic is how to save yourself from investment scams in Real estate. Let’s get started.
What is a Real Estate Scam?
Real Estate scam is a scam where scammers use Real Estate as a cover to steal your money in the most authentic way possible. According to the FBI, more than 13,600 people were victims of real estate or rental fraud in just 1 year.
How to identify if you are being scammed?
If you are a first time buyer then you are the most compatible for this scam. Although there are a lot of signs that one might ignore. For eg. There will be lack in documentation, Pressure to act immediately, Unrealistic promises and many more. Doesn’t matter if you are going to pay them altogether or loan the amount.
Some scams occur after you buy the property, like they will allot you a house with less or no amenities nearby and have told you that they will get the work complete in a few weeks. But as soon as you and others invest or buy the property, the scammers never complete the incomplete projects which leads to weak securities, theft, no proper facilities etc.
How to avoid Real estate scams?
- Always consult or hire a Licensed Real estate company or Realtor.
- Always keep your personal information private, like your identification documents, account details.
- If you already bought a house, and there are some last minute changes, don’t rush, verify the changes and only then take actions.
What to do when you get scammed?
- Contact the service provider.
- Report the local police station with whatever documents or emails they have sent you.
- File a F.I.R. or a writ petition against the person or company in your regional court. You can also read the “TRANSFER OF PROPERTY ACT 1882, because the matters of property fraud came under this act.
Real estate scams are real. Real estate scams are the worst scams that can lead to a person losing his lifetime earnings. It is important to be cautious and watchful when dealing with real estate scams. It is crucial to only hire certified and skilled professionals. If you think you are being scammed or have been scammed, immediately report the scam and get help.