Any transaction, whether real estate or not, must be done with utmost care. Fraudsters are everywhere and they will rob you your hard earned money if you don't think ahead. This is why in home buying, having a trusted real estate agent is always a good idea, so you do not end up being a victim of real estate scams.
If you are planning to buy a home in the coming months, here are the kind of deals that you should think twice about before buying:
The Fixer Upper
These are homes that may look perfect for its price despite the fact that it is a fixer upper. You would think that it's fine because the seller seems too motivated to have the home sold, so they slash the price a bit just as long as you forego an inspection. But these kinds of agreements should give you a red flag as this can mean major damages such as termite infestations or damaged foundations. These are problems that are not cheap to fix. So to avoid scratching your head in regret, never sign sales without conducting an inspection with a pro.
The Heartless Foreclosure Fraudsters
The worst people who do real estate scams are those who kick you while your down. These people target homeowners who are facing foreclosure. They will offer a helping hand, like offering loan modification with just a small upfront charges. But what could happen is that they would run away with your money with no help given. To avoid these, keep in mind that there are free services to help you deal with foreclosures. Check out NeighborWorks and Operation Hope.
Long Distance Deals
Never trust deals you see online unless the contact person shows up in person. The typical play-outs in these scams is that you find the best deal online, but the landlord is out of town for the next weeks. So to make sure you get that perfect rental place, you send the landlord a deposit. And then you find out that the home doesn't exist and the landlord is a scam. To avoid this real estate scam or these kinds of online scams in general, do not send money to strangers unless the purchases are certain.
