Five Common Types of Real Estate Scams That You Should Know!
Realty sector is considered to be highly money-spinning investment area as its value moves in upward direction usually.
Property – a constructed house, office or just attract of land – is always an investment intense decision and it needs a careful assessment before moving forward. With big money, there are big opportunities, but also there are bigger risks associated therein. As there is huge number of real estate scams prevailing in this market, the biggest five might take the following forms.
Camouflaged real estate sales
The unregistered property dealers conceal the property documents from the real buyer and, while
concluding the deal between the parties, they actually assign sales to their own name. For the real buyer,
they manufacture fake documents and thus take the buyer into confidence as well. At some later point of
time, they exploit the prospective buyer. This is one of the least plausible real estate scams these days.
Property dealers in Bahria Town work in a systematic way and are quite trustworthy; they cannot even
think of the camouflaged sales.
Offering unfair exchanges
Sometimes, a buyer offers ‘above the market’ price to the seller. The seller in excitement gets ready for
the deal, but at the time of making payment the buyer starts asking for under-value and, thus, the whole
time and effort either go waste or the seller, owing to some urgency, sells for lower than market price.
This is representative of well-planned real estate scams.
Fake lawyers at the forefront
Fraudulent real estate agents may make you believe that they have already contacted the lawyer and your
all documents will be prepared legitimately. But indeed they are saving the lawyers commission by
representing a fake lawyer who possesses expertise in the same field. And thus you can get into trouble
at some point in future. Property dealers in Bahria Town and other competent societies always believe
in legal property transactions.
Non-licensed real estate agents
A non-licensed and unregistered real estate agent can cost you in an unexpected way. Therefore, before
you make any deal through a real estate agent, ask for seeing the agent’s license and always go for the
registered property dealers. Presence of social media is no surety about the legitimate right of being a
realty agent. So before stepping into a time-consuming or money involving deal, safety measures should
be assured. Remember that only registered property dealers are authorized to carry out real estate
Rental and hire-purchase scams
Scammers often post pictures of the property listings that actually they don’t have access to. Once you
finalize your decision to acquire a property for rent, they ask you for an advance deposit payment to confirm
your rental rights. Suddenly, they disappear and your hard-earned money evaporates. Rental scams are
one of the most frequently occurred real estate scams. Only the registered property dealers can save you
from such scams.