Be Careful and Stay Away From Property Scams
May 27, 2017 Home Trading Steps
Property prices are soaring high and it is making it difficult for the prospective buyers to buy the property of their dream. Monthly EMIs, a huge crushing debt for years is something buyers want to avoid. Many fake agents take the advantage of these things and try to lure in the buyers to get their hands on the money.
These days it is so easy to run a fake advertisement through flyers, newspaper and social media. Scammers take the advantage of the above things and try to trap buyers in their fake promises.
There are certain examples with which the scammers try to trap the buyers:
1. When the advert says something like ‘Excellent opportunity to buy and invest in the affordable property’.
This is one of the most difficult news and opportunity to let go. We all want and affordable property with good infra to invest in, and if the seller of agent promises it no one wants to let go the opportunity. These fake sellers try to lure in the customers by asking them to pay the booking amount immediately stating that the property is hot in the market and there are already lots of interest buyers. In fear to lose a good opportunity to invest in, the customers have no other option but to pay the booking amount. The mistake they do is that they don’t check the background of the seller of the developer. To be on the safer side, it is wise to check the situation with the prospected land as well.
The scammers run away with the booking money leaving the customers in shock.
These days it is so easy to run a fake advertisement through flyers, newspaper and social media. Scammers take the advantage of the above things and try to trap buyers in their fake promises.
There are certain examples with which the scammers try to trap the buyers:
1. When the advert says something like ‘Excellent opportunity to buy and invest in the affordable property’.
This is one of the most difficult news and opportunity to let go. We all want and affordable property with good infra to invest in, and if the seller of agent promises it no one wants to let go the opportunity. These fake sellers try to lure in the customers by asking them to pay the booking amount immediately stating that the property is hot in the market and there are already lots of interest buyers. In fear to lose a good opportunity to invest in, the customers have no other option but to pay the booking amount. The mistake they do is that they don’t check the background of the seller of the developer. To be on the safer side, it is wise to check the situation with the prospected land as well.
The scammers run away with the booking money leaving the customers in shock.
2. Advertisements saying that there will be no EMI till the possession.
These kinds of adverts are too good to be true. It is the easiest way to lure in buyers and run off with their money. When your agent or seller trust you just on your word and does not ask for any payment, it is a sure signal to walk away.
When it comes to business and real estate no one should trust anyone’s word until it is on papers.
The seller might delay to show you the property citing some or the other excuse.
In 2012, the Food and Drug Administration of Thane had to issue a warning letter to 48 news channels warning them about the fake and misleading advertisement that was going around.
In light of the situation, crime branch of Pune arrested a man who posted fake adverts on social media and newspapers and then flew away with the money. Delhi topped the list of the city with the most real estate fraud cases in 2014.
What can a buyer do?
To stay away from these fake adverts and not fall into these scams there are few things that the buyer can do”
1. If you are interested in the property, make sure to check the background details of the developer. If they are new in the field, it is better to avoid them.
2. Ask for the approved documents. If the agent or the seller is unable to show them, walk away.
3. Don’t fall for the property in the name of celebrities.
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