As an experienced realtor can tell you, the real estate market is a tricky one, whether you are selling your home or looking to buy a decent one. You will need to do a lot of preparations and have a lot of patience in order to find a good home or sell yours for a decent price. But, none of that is possible if you do not have the right real estate agent working by your side. And, even with their help, you will need to be aware of real estate scams in order to avoid them. So, let's give you a quick rundown of how to avoid real estate scams and find the right agent so that you are properly prepared for the jungle of the real estate market.
Avoid real estate scams
As any experienced realtor can tell you, avoiding real estate scams is absolutely necessary. A real estate scam can not only cost you a fortune, but it will take a toll on your nerves and overall stress level. The reasons why you need to avoid a real estate scam are endless, which is why you need to prepare yourself properly. The more you know about the real estate market and all that it entails, the easier it will be for you to avoid real estate scams.
Research real estate market
So, what is the real estate market all about? Well, as you might guess, this is not an easy thing to describe. The more you look into it, the more you will realize just how many things there are to selling and buying homes. From how to increase the value of your home to all the legal requirements of purchasing a home in a different state. So, what we advise you to do is to consider your particular situation and research it as much as you can. Find out about all the legal requirements and look for tips from people who've dealt with similar situations. More often than not, you will make an oversight. And a helpful online tip can end up saving you a lot of time and money.
Common real estate scams
The second thing to keep in mind is the most common real estate scams. Unfortunately, the real estate market has quite a few scams, and they seem to be constantly making up new ones. So, the best you can do is to educate yourself as much as you can about the existing ones. But, do not think that this will give you a bullet proof shield. Do yourself a huge favor and always be on the lookout when dealing with real estate. Let's look at a couple of common real estate scams that plague the market.
Hackers stealing down payments
This scam is, unfortunately, a common one. People hack into realtors’ emails and ask you to send them money for down payments. What ends up happening is you making a down payment to the wrong account. While you and your realtor realize what is happening, it is already too late.
Bait and switch
This is a scam that fraudulent buyers attempt. What they do is offer a large sum for your house (much larger than the estimated value). You, the seller, get blown away by the generous offer. But, what happens is that they say that there are some difficulties and that they need an extension. You think that this is ok. After all, you are going to get a large sum of money. But, the payment never comes. They will wait until you've racked up the bills on your home and come with a much lower price. How to avoid real estate scams such as this? Look for proof of finance before making a deal.
Have you ever found a cheap real estate listing on a site likeCraigslist? Well, that was most likely a real estate scam. What people do is get legitimate listings and post them on websites like Craigslist as if they were theirs. A clueless buyer will see the listing and hurry to wire the money to a seller who is "in a rush". As you might guess, the seller leaves and the buyer is left empty-handed.
Finding the right agent
As you can see, there is a good reason why people hire real estate agents to help them out. The real estate market has a lot of scams and tricks going around, and a real estate agent is your best bet to deal with them. Not only that, but they can also help you find reliable movers like Dumbo Moving and Storage NYC and make your whole ordeal much easier. So, how are you to find a good one? Well, all you need to do is follow a couple of steps.
Research local agencies
Start off by researching your local agencies. Agencies that operate in the area where you would like to do business are best suited to help you out. They have the necessary knowledge to give you helpful advice. And, they are close by, which gives them the ability to keep their finger on the real-estate market's pulse. Remember to ask for their legal documents and get as many testimonials as you can. Make sure that the local agency is legit before you start working with them. Or, a company like Park Place Realty Network can do the research for you and make sure you are working with a great agent.
Interview the agent
The next thing to do is to have an honest talk with your future agent. This person is going to makethe difference between you making a decent real estate investment and you wasting a lot of time and money. So, do not stop until you feel that you've found the right person for the job. Ask them about their experience and see if they are easy to work with. If your real estate endeavor is going to be successful, you and your agent need to be on the same page.
Written By: Lisa Robert with US Moving Experts