Edmonton Homes: Biggest Home Buyer Frauds You Should Be Aware Of

Posted by Maxwell Progressive on Monday, December 11th, 2017 at 11:21pm.

Edmonton Homes For Sale in Windermere

Before you go ahead and buy a house, there are so many things that you need to take care of. You need to list your old Edmonton homes for sale in Windermere, arrange for moving and take care of the mortgage formalities. Among so many tasks, one often tends to ignore small red flags. What you do not consider is that the red flag could be a big realty fraud to cheat you. So, how can you be prepared for it and be a smart home buyer? Here are some pointers to avoid biggest home buyer frauds of Edmonton homes for sale in Windermere.

Single Agent for Both Parties

Do not try to save money and opt for an agent who is working for the home seller. You may consider it to be an easy option rather than hiring a new agent, but it is not. When an agent is working for both the parties, he has to sell the house at a high price for the seller and get the best offer for you as a buyer. This contradicting situation generally pushes the agent to make a bigger offer to you as he will make more money from the commission received. To avoid this, hire an agent for yourself.

False and Forged Documents

Sealing the deal with false and forged documents is a common type of malpractice done by sellers. If you are new to the real estate market and do not understand much about it, you won’t be able to identify whether the seller has given you fake or real property papers. In this way, you end up paying the money, but the house is still not yours as the real property papers are still with the previous owner.

House Flipping Scams

The process of house flipping involves a buyer buying a house at a much lower price and making minor changes or repairs. They then put it up for sale and sell the home at a much higher price. While the changes and repairs are minor, the internal damage of the house still prevails. It is just hidden. To avoid being cheated with such a fraud, ensure to do a thorough check of the house before finalizing.

Fund Transfer Fraud

Fund transfer fraud is something that you may experience in the later stage of your home buying experience, and it is a rare one. When you have finalized a home, and it’s time to pay the seller that’s when this kind of cheating happens. Often people choose to transfer money online for an easy and fuss-free process. However, if you receive an email with transfer details, your money could land elsewhere and not in the seller’s account when you make the transfer as these things can be hacked. To avoid this, take a verbal confirmation of wire transfer from the seller. 

Non-existent House on Sale

The most common type of fraud in real estate is when you end up buying a house that was never up for sale. How does that happen? Often conmen get access to temporarily empty or foreclosed houses and put it up for fake sale online. To catch such cheaters, make sure to ask for the rightful owner and if the seller’s agent keeps making excuses for the owner not being around, take a step back. Also, do your own research to find out more about the house. Having an agent helps here.

When buying Edmonton home for sale in Windermere, it is easy to get cheated if you are not alert. People with fraudulent intentions find sneaky ways to trick you. Be aware of the type of frauds and ensure that you do not get stuck in one. To have an easy and smooth home buying experience without any setbacks, hire the best real estate agents.

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