In 2015 Real Estate scams are more visible than ever before because scammers know that they can prey on home buyers who are sometimes desperate to buy homes during times of tight home inventory.
Here are 4 tips which will help you to know if you’ve encountered a Real Estate scam or now.
If you’re being pressured by the listing agent or the buyers to close quickly this should be the first “red flag” that something is wrong with the home and or needs serious repair.
Tip 2 – The Home Is Listed Way Below Market Value
Although it’s the homeowners decision to sell their home at the price they choose the reality is that if a home is listed far below market value there has to be a reason behind that price and it’s best to take a step back to really access the home before you decide to purchase it.
Tip 3 – Home Owner Asks You for Financial Information
Another great way to know if a home is too good to be true is if the home owner asks you for your financial information, or they request money to be wired via Western Union. These are classic scam indicators, especially when buying a home that’s located in another city or state, and should be avoided.
Tip 4 – Buyers Agent Says They Represent Zillow
Zillow is huge in today’s Real Estate world and many scammers will use their name to add credibility behind whatever scam they are running.
Since Zillow is only in the information business it’s best to avoid any scammer who says they work with Zillow because Zillow never gets involved in transactions between buyer and seller.
To learn more about common Real Estate scams in Orange County or to view homes for sale across the region contact Fred Sed & Associates today by calling us at (949) 272-0125.