The rate of young Americans who prefer to rent than to buy their own home is steadily increasing due to some reasons. With the growth of renters, many scammers have their eyes on potential prey.
Real Estate Frauds and Scams are not new to us. There are already many scams and fraudulent transactions that have been featured online such as the case of Ignacio Beato and the alleged Tibetan Monk Lobsang Dargey. There are several ways on how to prevent and avoid being lured to the bait of con-artists. In this article, you will find out what rental scamming is, how they operate, and how can you avoid being a victim of it.
Rental Scams are often being offered to young Americans who are just starting in their career. The criminals approach the potential renters and offer them a house for rent for just a cheap price. Of course, the renter will listen to their offer. But here is the catch, the renter doesn't realize that he/she has been conned until he/she receives a notice that the house he thought he was renting is actually a vacant home.
Scammers often have their operations in unsecure locations. They find houses for sale, or abandoned and vacant houses, and act as if they own the house. They can often be found in online buy and sell sites such as Craiglist, Amazon, and eBay.
Here are some common red flags that you should be aware of when dealing with a possible scam artist.
- You're asked to send money without having met anyone or seen the apartment.
- The landlord seems too eager to lease the apartment to you.
- You're asked to pay an unusually high security deposit or too many upfront fees.
- You feel unwarranted sales pressure.
- You're told you don't need a lawyer.
- You're told you don't need a lease.
- The landlord has a convenient excuse for not being able to meet you or show the property.
To avoid these kind of scams, it is advised that you go to a licensed real estate agent and a real estate lawyer to help you out with all your housing needs.