Anyone who has gone through the home-buying process knows it can be tricky. Just like scammers in everyday life, there are real estate scams that many people might fall victim to. Luckily, Lake Homes Realty’s CEO, Glenn Phillips, walks through 6 different ways to protect yourself from these scams. Find out some of the best strategies below or reach out to one of our lake agents at https://www.lakehomes.com/ for more guidance!
- Never Buy Without Title Insurance: Right now, there are people who list different properties on the market, yet they don’t even own the property.
- “Check In” on your property (Including Lots!): For a large group of people, their lake home isn’t their main home. Essentially, the home is just sitting there. They realize nobody is there, especially with lots, and then somebody will try and list it.
- Verbally Confirm All Payment Instructions: Always plan to do this, especially if you are issuing the money. All real estate types are big targets for email hacking and phone calls. These hackers are reaching out in ways where they suggest payment should be sent to another place.
- Do Your Due Diligence: You need to make sure you know everything about the property. From the survey to the condition, make sure people aren’t taking advantage of you.
- Be Wary of Haste: If someone is hurrying you in a way that doesn’t seem genuine or feels right, double-check everything. If haste prevents you from verifying things, that is a sign.
- Confirm Funds Have Cleared: Make sure your funds, especially with earnest money, are clearing. Your real estate agent can usually provide help with this to ensure everything goes accordingly.
Don’t let the fear of scams hinder your real estate endeavors. Yes, real estate is more likely targeted due to the higher amount of funds, but there are precautions to be taken. Protecting your money and protecting yourself are the two things to remember when it comes to avoiding real estate scams.