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What are the signs of real estate scams?

The Nigerian scam, also known as 419 scam (named after an article of the Nigerian penal code), is a total fraud. Do not miss the precious information here!

The scam has been used with fax and traditional mail

The main thing is that the scammer gets different amounts of money from the victim on his account. The scam has been used with fax and traditional mail, and is now prevalent in online communications like emails.

There are many varieties of it, but they all have in common the promise to participate in a large fortune, that in fact, have not even existed, as well as the various tricks for the victim to pay a sum in advance as a condition for such fortune. For instance, the victim may receive an email with further content:  "I am a very rich person who now lives in Nigeria and I have to transfer a large sum abroad, would it be possible to use your bank account, please?"

I am a very rich person who now lives in Nigeria and I have to transfer a large sum abroad, would it be possible to use your bank account, please?

We typically call the 419 scam Nigerian, but in reality, it can come out of Nigeria any longer. The scammers usually are not actually citizens of that country, and perhaps are not even located there, but, for sure, they have a real name and all the documents you could want to “check out.”

Like any other industry, real estate attracts a large number of scammers who seek to deceive potential buyers and tenants. So how can we avoid being “scammed” as well as it possible? Let’s have a look at some types of real estate scams and the ways to fight them.

False advertising

Never commit to deposit or transfer money to someone you have not met face-to-face.

This scam takes advantage of the online real estate market, copying a real announcement of a property and publishing it elsewhere, pretending to be the agent or the property owner. More often, these scammers try to ask for bail money or any other payment. You may ask for the concerned deposit or transfer money when the contract is already drafted.

How to avoid it:

• Never commit to deposit or transfer money to someone you have not met face-to-face.

• Always try to verify the identity of the person with whom you are dealing and confirm that it is a real estate agent.

• Search properties in reliable real estate agencies or websites of undeniable confidence.

Scams from abroad

Always insist on inspecting the property for yourself

In this scam, the supposed landlord or owner claims to be out of the country and therefore explains that at the moment he is not available to show the premises before the contract is signed. That person often promises to send the “keys” by mail as soon as it has paid in advance.

How to avoid it:

• Always insist on inspecting the property for yourself.

• If the owner or agent says that it is not possible because he is abroad, discard the agreement.

Internet fraud

Someone contacts you from abroad and asks for a property that you have announced

Someone contacts you from abroad and asks for a property that you have announced. In the process, they ask for your personal banking data and then used to steal your identity and steal all the money on your account to zero.

Here are some other types of scam-tricks that you should be aware of.

Working from home

The only money you can get is an amount of money, when others fall into the same scam.

Usually, they ask for a sum of money to register and obtain a software. The only money you can get is an amount of money, when others fall into the same scam.

Diets and miracle cures

Magic herbs that cure cancer and many other fantasies are the most common.

I could not miss this classic. Discoveries and secret formulas also are miraculously arriving by e-mail. How to lose weight without eating less? Magic herbs that cure cancer and many other fantasies are the most common.

Free goods

Never give the verification code of your credit card

They promise free goods such as computers. But then it turns out there to pay a fee to enter the promotion in addition of having to recruit a number of new members. Again the pyramid.

How to avoid it:

• Never give your bank details or personal information to an unknown source on the Internet.

• Never give the verification code of your credit card.

Lenders-scammers

Inform the authorities about any suspicion of such actions.

The elderly, who have low income or are no experienced in purchasing, are the main objectives of this type of scam. In these cases, lenders make people sign mortgages with high fees and high-interest rates. The victims of this deception, end up with a bad credit rating and can even lose their homes.

How to avoid it:

• Find out all you can about the lender and do not let them you sign a dubious agreement.

• Set a budget and do not overdo it. Is for anyone cannot make you believe you can make a loan that later cannot be returned.

• Inform the authorities about any suspicion of such actions.

READ ALSO: Internet fraud in Nigeria

Real estate scam

Never give out your personal information to an unknown source

This type of fraud can be extremely devastating. This is identity theft by which the scammer pretends to be the owner of the property and uses false documents to transfer ownership to his name. Thus, he approves a new mortgage for housing, taking money from it and the true owner will be responsible for all the payments.

How to avoid it:

• Ask your insurance company for a policy of title insurance, which provides the best protection against this type of fraud.

• Never give out your personal information to an unknown source.

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