Frauds of Real Estate Worth Knowing

You must be looking to buy or rent a property since you want to know about the known frauds in the real estate industry. Well, it is really worth knowing since renting or buying a property entails you to prepare a good amount of money. it is just right that you want to be sure your hard-earned dough will not go down the drain. 

So, are you thinking of checking out the Desa Park City condo for rent, or maybe you might also want to check the Puteri Puchong condo for sale? There is also a condo near KLCC that is really worth your time. 

So, what are the frauds that you should be checking out before starting your quest to buy or rent a property? Check this out:

  • What they call a lousy loan. You see, the world is full of lenders and while there are legit ones, there are also scammers who don’t really have the money to lend, but they just want to get your financial details. Upon learning that you are planning to buy or rent a property, they might give you a call and offer really to-die-for conditions that you might think it is too-good-to-be-true to ignore. This is where you will be asked to provide your financial details and trust me, this is also the time when you start to have loads of problems. This is why you should never consider something that is too good to be true. 
  • There is also what they call the foreclosure fiasco. This is when a certain homeowner will list his place as a property for rent and you bite, and when the process is kicking off, the bank will claim that it is already foreclosed. When you are planning to buy a property or rent for that matter, you should do your own initiative. 
  • The vacation switch is another form of a scam. This happens when a homeowner takes his vacation, like maybe for a month or more and a scammer will take over the house, putting it up for rent offline of course. You can get fall into this kind of fraud as most of the time, the rent is lower than the existing market. You will be asked to pay in advance for a few months then and that’s when you can come across the real owner. When you are planning to rent a property, you should investigate. Make sure that you won’t fall into anybody’s trap and waste your money. 
  • Another ploy is when you end up renting a property that soon will be really close to a construction that will be impossible for you to live peacefully. Considering you are new to the area, you end up being ignorant of it all. 

Yes, the world is indeed full of frauds and scammers. But no matter how intelligent they are, you can avoid them by doing your own diligence and don’t be too hasty in executing your plans. Always investigate first!

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