Friday, May 15, 2015

Top 3 Real Estate Scams You Need To Avoid

If there is one thing that we hate the most, it is when someone would dare deceive us when it comes to investing in a real estate Cebu. No one would want to be deceived by someone that we think that we can rely on, right?! That is why, there is no one in here that are already used to when it comes to the real estate scams.

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There are actually different kinds of scams that one might think of doing. Since, some of it are so much intriguing and convincing that we are most likely be tempted in engaging that kind of scam. Well, we can’t fully blame ourselves since we don’t know that we are already victimized by that kind of scam.

If you are a kind of person who is concerned about the safety of his/her welfare, then avoiding real estate scams is the least you can do to protect yourself from it. Some of you might ask, how will I know that, that is already a scam? Now, here are some real estate scams that you need to know and avoid from now on.

1. Change of lender scam

The change of lender scam is when the property owner will receive a letter or any other form of official notice that the load that you have had been transferred to another lender. Usually, what you will see in the letter is that, you will be informed that the amount of loan that you are about to pay will also be transferred to the different account name where you will send the money that you are going to pay.

If you are one of those people who think have the same situation that you are going through, then you are probably being scammed. The best thing that you are going to do is that you have to verify the transactions first rather than following what was instructed to you without knowing the real reason why. You have to verify and confirm it to avoid being scammed.

2. Real estate investment scam

Real estate investment scam occurs in different ways. One of the most common ways is that someone or a fake agent will try to approach you and ask you about your property. Especially when your property is about to be foreclosed, they will try to negotiate and/or do some transactions out of it.

Usually, they will try to convince you that they will bail you out from foreclosure. He or she will ask you to transfer the ownership of the property to his/her name, or any other company’s name and once you have already transferred your property’s name to theirs, they will most likely try to sell your property or any other belongings that you have without your knowledge.

Of course, they will know who and what kind of property that you have since they will look for any information or any other public notices about houses that are going to be foreclosed. If you have encountered this kind of situation, then probably, you are one of those people who were scammed by this kind of transaction.

3. Finance anyone scam

This kind of scam is one of the most common scam most people were already victimized by it. Especially to those people who are financially challenged and are in need of money, they will most likely fall on the finance anyone scam. Usually, you will see these on ads in the newspapers, classifieds, or any other emails. They will most likely offer you some cash to loan and will demand a substantial collateral often in a form of a property or any other belongings that you are willing to exchange.

Also, when you fall for this kind of scam, they will give you a higher interest rate that will be difficult for you pay the loan that you have.

These are just some of the common real estate scams that some of you might already encounter. For some, you have to make sure that you will not fall for these kinds of scam. You have to verify and confirm every real estate transaction that you will have.

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