What is a real estate scam?
In today’s world, it’s naive to think you can’t fall victim to a real estate scam. While many property transactions involve honest sellers and buyers, there are deceptive individuals out there looking to take advantage of unsuspecting victims. Real estate scams are not unique to Nigeria; they are a global issue. However, there are ways to protect yourself from becoming a victim.
1. Don’t Rush to Buy or Rent
The excitement of finding the perfect property can make you want to move quickly before someone else snatches it up. But rushing into a real estate deal can leave you vulnerable to scams. Take a step back, evaluate the agreement carefully, and be cautious. It’s better to be safe than sorry.
2. Verify the Other Party in the Real Estate Transaction
Never take anyone you’re dealing with at face value. In the digital age, it’s easy to research individuals online, seek referrals, and review their track record. If something about the person involved in the real estate deal doesn’t sit right with you, trust your instincts and conduct thorough research before proceeding.
3. Ask Questions Before Payment
Don’t be afraid to ask questions about the real estate transaction, especially if something seems unclear or suspicious. Inquire about the reason for the sale, and if the answers don’t add up, consider it a red flag. Asking questions can help uncover irregularities in the deal.
4. Never Pay Cash
If a landlord or seller insists on a cash payment, be extremely cautious. Cash transactions lack traceability, unlike payments made through banks or checks. In case of a dispute, traceable payments can hold someone accountable. If cash payment is non-negotiable, it’s wise to walk away from the deal.
5. Avoid Email Scams
Online scams are prevalent today. When you receive an email that appears suspicious, especially if it involves financial transactions, double-check with your agent before taking any action. Be vigilant and cautious when dealing with electronic communications.
6. Use a Verified Real Estate Agent/Agency
Reputable property listing sources like propertypro.ng are trustworthy platforms for finding properties in Nigeria. To safeguard your hard-earned money, it’s advisable to work with a well-known real estate agent.
7. Go for the Inspection
If a landlord or agent tries to discourage you from inspecting the property, consider it a major red flag. Inspection is non-negotiable in any real estate deal. Insist on it, and if access is denied, consider canceling the transaction promptly.
8. Don’t Hand Out Personal Information
As a general rule, refrain from sharing personal or financial information over the internet or phone, especially if something doesn’t feel right about the situation. Protect your sensitive data diligently.
Have you been involved in a real estate scam or know someone who has? Please share your story to help others learn from your experiences and avoid falling victim to scams.
Remember, staying vigilant, asking questions, and conducting due diligence are your best defences against real estate scams. By following these essential tips, you can protect yourself and your investments in the real estate market.
