We know the real estate business is in fact a big and costly business which makes it all open for fraudsters and other criminals to work within. Make sure you avoid some of the key frauds buyers or real estate brokers may use in order for them to win more money and sell your house fast to a real good buyer.
1.) Make sure the customer really has enough money to buy your home
This is a hard nut to crack but it’s quite important to make sure your buyer has the money to buy your home. There are buyers who may have wishes or renovations or extras as a condition of buying your home. Be sure all is set in writing and only invest if it’s really necessary or if it’s done in return for a deposit.
2.) Avoid the sympathy card
There are and will be tons of buyers who will try to get too friendly or too close to you and would want to talk to you a lot in order to make a false friendship. They do this in order to elicit sympathy for a situation which they will soon start talking about. This may be anything ranging from sickness to other problems, including money issues. The first rule is, never start selling your property for someone who starts to talk about financial difficulties. They do so in order to get your property for a ridiculously low price or they would only pay part of it because they are not found eligible for a credit. Therefore get all the information on your customer’s ability and credit status in order to make sure everything goes fine, and always get a certified real estate agency and a good contract written by a lawyer to avoid any future issues. It’s also very important not to make any promises in advance.
3.) When your broker is not the one you’d need
Make sure your broker will not bring anyone who is either his/her friend, relative or has any closer connection to him or her because that may be part of a deal the two of them make to get your home for a very good price. First of all, make sure that your broker works for a well-respected and certified real estate agency has a good past of property selling and has no part in any shady deals in the past. We know this is not easy, but sometimes, all it takes is to ask around. If someone is shady especially if it’s a broker, people will know about it and will also tell you about it if and when they are asked.
4.) Tricks to make the price lower
There will be several customers who will try to get all the excuses to make the selling price lower. They will appear to love the place and when you would think the deal is done, the objections and excuses will start to flood in. This is not enough, that’s no repaired and this needs some extra fixing. Don’t fall for it, or you will end up paying tons of extra money to do what they need and they will either end up buying your home for a very low price or they will step back from buying it altogether.
These are the most common frauds and tricks to avoid. Make sure you read the local forums to learn more.