“Risk comes from not knowing what you’re doing.”
– Warren Buffet, American Business Magnate, Investor and Philanthropist
The foremost challenge faced by first time homebuyers is attempting to find the right property that is best suited for them and within their budget. Next, is waiting for the legal due diligence to be finished. Thereafter, waiting for the offer or counteroffer to be accepted. And finally, waiting for the process of title transfer to be completed.
More often than not, the whole process mentioned above takes longer than what was originally estimated. This normally leads to a growing anxiety on the part of the buyer.
Buyers must learn to relax and fully understand that such property transactions take time, especially if done properly and legally. It must not be forgotten that the purchase of a home may be the single most expensive, albeit, important investment an adult will ever make during his lifetime.
But there are a number of homebuyers and lessees of residential properties that are impatient and want everything instantly done. So, they turn to the internet hoping that an online transaction will give them the edge in closing the transaction as fast as possible and with the least amount of cost on their part.
Sadly, these types of buyers and renters are the most vulnerable to online real estate scams. And when they fall prey to such modus operandi, they end up paying more or worst, losing their hard earned money.
Our friend, Rodel Ambas, of Lamudi Philippines provided six (6) important tips to assist online property seekers avoid falling victim to online real estate scams. The six (6) tips Rodel mentioned are the following:
- Always insist on inspecting the property. Never agree to make any payments upfront or sign a contract without first inspecting the property. Viewing the property and meeting the agent in person are the best ways to guarantee that the listing is legitimate
- Verify the identity of the person you are dealing with. Take steps to check that the agent you are dealing with is a licensed broker or agent. In the first instance, a simple online search can help you detect a scam. Try searching for the property’s address, the name of the agent and their email address.
- Avoid listings that have been posted multiple times. One common scam is for fraudsters to copy an existing (and legitimate) listing of a property for sale and repost it as a rental, with their own contact details attached. Look out for duplicate listings which have different asking prices.
- Never give away your personal information or documents. You should never be asked to provide your bank account details or personal identification documents to someone over the internet. Importantly, never provide your credit card verification code to anyone.
- Remember that if it sounds too good to be true, it probably is. One of the most important rules in real estate is that if a deal sounds too good to be true, it most likely is. Be skeptical about any online listings for attractive properties which are very well priced for the area. Scammers often use these very low prices to lure property seekers.
- If you detect a scam, get in touch. Focus your search on properties listed by well-known real estate agencies and trusted classifieds websites. Once you have detected a possible scam on a real estate search website, notify the platform immediately.
Keep in mind these 6 important tips if you are shopping for a real property online. Take note that the first two tips are part and parcel of conducting legal due diligence on the property. For more tips on how to protect yourself from online scams visit Lamudi Philippines.
Haste makes waste. Slow down and be more deliberate when buying or leasing real estate property online. The time you spend now will go a long way to protect your interests and money in the end.
Even though you face a multitude of challenges when purchasing or leasing a home, at each turn there will be licensed real estate service practitioners who can competently guide you through every step of the transaction – from start to its conclusion.
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 32 countries in Asia, the Middle East, Africa and Latin America, with more than 850,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online. For more information, please visit http://www.lamudi.com.ph