Scammers are making a lasting name in the real estate industry especially now that a lot of selling happens online, it is easy to fall into a trap before a bulb lights up in your head. Curiosity pulls people into a scam and the more you search online, the more likely you are to fall into one. Here are some paths to avoid in order not to be a victim of a real estate scam.

1. WOLVES IN SHEEP CLOTHING

After all the online search and driving around to view properties, it can be a real pain to find out that the person who first introduced himself as the owner later shows up with another person as the owner and then another the next day as well. The story goes like this, “I was the one handling the property before my brother took over but the owner herself is in the States and so on…”. As funny as this sounds, it can end up being your worst nightmare. Immediately, the ‘owner’ changes from the first person who you were introduced to, please halt and carry out  “behind the scene” investigation on the property. You might just be dealing with thieves parading as owners.

2. THE VIEWING FEAST

What could be worse than having found a property with all the amazing features online, placed a call to the number listed, arranged for viewing during your lunch break only to realize that the agent you called is the agent of the agent to the other agent who has the number of the owner’s daughter who currently lives in the States. Oh! And the key happens to be with a caretaker whose number cannot be reached. Wait! It gets more interesting when you get to the location and there are about 5 people there to show you the house. All this while, there has not been any mention of the real owner of the property and the agents keep making promises of all the changes that would be done once the money is paid. This is not a good sign! Truth is, there is nothing wrong with working with an agent while renting or buying a property. However, the danger here is that some people parading as agents do not always have direct access to a property listed and this could result in a fraudulent act immediately money is paid.

3. THE ‘1 GHANA CEDI’ BAIT

In Accra, there is a common market hype where traders ring a bell and call out the price of every item they are selling as ‘1 Ghana Cedi’. If you ever shopped in Accra, you would notice that not all ‘1 Ghana Cedi’ items are of good value. As a matter of fact, everyone knows that this item being sold at such a price is either fake or of inferior quality. Such marketing baits also appear in real estate. Be careful with prices on properties that seem too good to be true. If you find a property online with quite a number of features and extra amenities at an unbelievably low price, it would be best to go back online and compare prices with other realtors marketing the same property. Housingfaironline.com has a feature to compare prices and features online. Don’t rush in for a property that is renting or selling way below its features. Do your checks first!

PRECAUTIONS

  1. INSIST ON MEETING WITH THE OWNER OF THE PROPERTY

Once you have chosen the property you want, please insist on meeting with the owner of the property or his representative before making any payment. This is a special precaution especially when the agent you are working with does not seem professional or credible.

  1. INSIST ON CONTRACTS AND DOCUMENTS

No matter how quick you want to move don’t allow anyone to rush you into paying for a property without an agreement. You need to know the terms and conditions; what is allowed and what is not in and around the property especially if you are renting. And if you are buying, be sure to inspect all documents and carry out your own search before making any monetary commitments. Also, where one shows up as the owner, insist on their proof of ownership and be sure to keep receipts of all transactions.

  1. WORK WITH A TRUSTED AGENT/AGENCY

Don’t entrust your property into the hands of anyone. Some people have lost acres of land while others have had their properties sold by an unknown owner to a client they have never met. If you have a property to rent or sell, visit a trusted realtor or place an ad on Housing Fair Online today and have your peace of mind.

Do take these precautions seriously and if a scam happens anyway, report to the nearest police station immediately.

This is for informational and educational purposes only. This article does not constitute personal advice, nor does it take into account individual circumstances. If you are in doubt, please seek further independent advice. All information and research produce by Housing Fair Online is intended to be general in nature. It does not constitute a recommendation or offer for the purchase or sale of any house or a construction related activity nor should it be construed as such. All of the views or suggestions expressed are presented to best of the author’s knowledge. Any person relying on this article or planning to spend money because of this article should seek further professional advice. Housing Fair online will not accept any responsibility for the use of this information.

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