KNOW HOW BAD ADVICE CAN LEAD TO A REAL ESTATE SCAM
In multiple articles presented in this blog, we have explained the importance of the figure of the advisor during the process of buying and selling real estate, and how this represents the safe shield against the inconveniences that can arise within the property market. Now, within all the inconveniences that can arise from bad advice, few are as serious as the case of a real estate scam.
Given that the purchase of a home, beyond being a simple transaction is an investment that represents the manifestation of the plans of our life. In Servmor Realty we understand this, which is why we want to ensure that you know how to recognize the symptoms of a possible scam through the characteristics that we will teach you below.
5 CHARACTERISTICS OF A REAL ESTATE SCAM:
The real estate agent requests cash advances: A real estate agent or agency legally constituted in the Panamanian territory, in no way would request cash advances if there is no commitment to buy and sell in between. If you are asked for this, it is very likely that you are facing a real estate scam.
There are irregularities in the contact information: In case you want to make a purchase, it is normal that the information given to the potential buyer is accompanied at least by a telephone number and local physical address, which facilitates that in case of any eventuality you have a number and address to which to resort.
There are irregularities in the agency's office: A regularly constituted real estate agency will always have an office that can be easily located by its clients and with its permits up to date. If this is not the case, it is very likely that it does not have a fiscal address, which is one of the most common characteristics of fraudsters specialized in this market.
The "agency" offers unrealistic prices: When analyzing property offers in the market, it is very important to be critical with the prices that are handled. For this reason, if you receive an offer of a property that has a very low price in relation to other similar properties, you should be careful because it could be a scam related to the real state of the property.
Certain conditions are requested in order to initiate the sale process: Never make any type of financial transaction, transaction or provide banking or personal information before having a formal contact with the owner of the property. An agent who asks for this type of conditions may be looking for some type of scam or robbery to the interested buyer.
WHAT CAN WE DO TO PREVENT THESE SCAMS?
While it is true that it is possible to spot the signs of a possible scam, it is of utmost importance that preventive measures be taken to avoid these cases. Some of these are:
Check the legal status of the property and make sure that everything is in order.
Make sure that your real estate agent is authentic and reliable, checking formal/credential data and the opinions of people linked to the sector.
Research the real estate developer and the projects in which he/she has participated.
Investigate the identity of the seller, through reliable sources such as the notary.
Always check the actual condition of the property personally and ask to see the most recent appraisal of the property in question.
