While selling real estate and advertising has been simplified, technological advances have unfortunately also made it easier for cheaters to track unsuspecting buyers, sellers, landlords, tenants, and agents, says Steve van Wyk, CEO of Seeff Centurion.
] It gives some tips on how to minimize the risk of becoming a victim of real estate fraud – both for sale and rental.
Van Wyk recommends that people who know that they are looking for a rental home should look for a rental apartment in time.
"Desperation can lead to premature decisions and unnecessary shortcuts, or force you to choose a place that you either dislike or can not afford," he says.
According to Van Wyk, there are several warning signs to watch out for – including deals that seem too good to be true, delays or no-shows.
Here are the red flags.
Money, money, money. The landlord or agent asks for a non-refundable security deposit to secure the property, even before you, as a tenant, visited it or before the agent or intermediary met you. Also be wary of being pressured to make a down payment or to complete documentation before the required procedures have been followed.
No Show . They cancel show days again and again. Consider if there is any feature that can be displayed. Also, be aware of whether the agent or landlord continues to block or ignore you or return to you within a reasonable time.
Too good to be true . If the rental price seems incredible, it is likely! Also, be careful when an agent or landlord tells you that it is not necessary to check your creditworthiness or obtain references.
Kind Spirit: Be careful not to find any information about the agent "on the Internet, or the agent will not give an office number and email address in addition to their mobile number.
It's one Another red flag, if you can not find any information about the real estate agency online or their website appears amateurish.You call the agency with whom the real estate agent allegedly works together and either they do not know who the broker is or the broker does not work there or the agent can not provide a valid Fidelity Fund certificate.
Always check that you can check the status of a broker or agency here.
Unfriendly Spirit: Stay Away, if an internet search reveals this The agent has been reported in the past due to dubious transactions.
Unh Price: Do not believe it! No seller wants to sell his property below the market value.
Secret Rendezvous: If the seller or agent does not want to disclose the location of his office or has no permanent residence, take care. It is also a red flag if the agent or seller is "missed" when requesting papers for the property in question.
Recycled Papers : Pay attention to inconsistencies in the papers, eg. Property size, description and / or registered owner. Check if a property search reveals that another person is the registered owner.
Only Us Both: Be aware that a seller requires money without participation to be deposited directly into his account by a reputable lawyer or agent who handles the transaction.
Under Pressure : Be forewarned if the buyer is under great pressure to sign a sale agreement and / or deposit a security deposit immediately. or if the buyer is allegedly a cash buyer but can not provide proof of cash.
If the buyer insists on taking up employment before a deposit has been paid or a guarantee given, they refuse.