The Bad, the Worse, and the Nigerian Prince: Real Estate Scams
Real estate can be the promise of great wealth, in both an abstract way and an direct way. Sure, investing in properties can pad your portfolio, but all the great memories that you will have in your home with your family are priceless in itself. Throughout the search for your home, you will often find information and people who will try to rob you blind, to take away the riches owning a home can have. This week, we’re going to debunk some of the most common real estate scams, and hopefully, you’ll be able to evade them the next time you are looking for a home.
Loan modification scams are some of the troublesome types of scams that plagues the real estate market today. Typically, you’ll get a call from someone posing as a law firm, and they’ll say that they are entrenched in a massive class action suit against your lender, and ask you to join the fight. They promise you a lower mortgage rate, or better yet, an alleviation of your mortgage all together. Sounds pretty good right? Then, he’ll go on to ask you for an up-front legal fee; there’s the catch! Most lawyers representing a class-action suit will rarely collect payment prior to the court’s decision, so immediately, this man is not looking out for your best interest.
Craigslist scams are one of the most prominent types of scams, with a whole barrage of different types of scams. These scams may include an agent that is listing a house on Craigslist requiring a down-payment before allowing you to see the house in person, or people posing as agents and trying to sell you a house that does not exist, or to a Nigerian prince willing to give you a home in Salem County if you pay a small legal fee out of you PayPal account. The list goes on and on, and the scams can become quite ridiculous.
While there are scams aplenty out in the world, there are also several ways to combat them. One of the most straightforward ways is to not pay anything out of pocket until you have seen it with your own eyes. Also, do your research. The best way to defend yourself is with knowledge. Know that real estate agents won’t require a fee to see an “exclusive” property, and do a property search on the offered address to see if it’s real. A quick search can also determine if Prince Adewole is a real prince in Nigeria. Just remember, if it seems too good to be true, it most likely is.
At American Dream Realty of South Jersey, you don’t have to fear about someone robbing you of the wealth of memories you will have in your home. From start to finish, and even beyond, we care for our clients every step of the way; that we pledge.