Getting defrauded in real estate is one of the worst things that can happen to any investor because it involves large transactions most of the time, legal documents, and technicalities. Unfortunately, questionable and cunning individuals can be found anywhere. If you don’t know a lot of things, you should learn about common red flags in real estate transactions.
They, these “Agents”, come disguised as real estate professionals in all of the forms you can ever think of, only to get a credit alert and disappear. Being defrauded does not only put a strain on your overall finances, but it also handicaps you of funds that should be available for other equal or more important financial errands, this is why you need to learn about red flags to note when buying a home.
Pushy transactions
Making a decision to buy a property requires carefulness, as profitable as real estate investment is, it can be overwhelming for some investors. High-pressure sales tactics can push you into a corner and add a sense of false urgency to make payment and sign the contract immediately.
When a real estate agent seems too impatient to close in on a deal, it is a potential red flag in that real estate transaction. You should take a step back and reassess the situation, and thoroughly investigate before making any decision.
An honest transaction does not involve all of that rush and pressure. If a real estate agent wants to be impatient, choose to be patient.
Figures that don’t add up
When the story or price is too good to be true, it’s time to step back. That’s a definite red flag. When anyone is initiating a real estate transaction with you, be careful of bogus and exaggerated claims. Some people are sweet-mouthed and deceptive.
When push comes to shove, you are the only one that can decide whether you want to buy a property or not. Watch out for these signs and think before making a decision.
Refusal to offer evidence of payment
Before it becomes too late, insist until you get a receipt. This is most common with renting apartments and hostels. A dubious agent will keep on stalling until you forget. Don’t fall for that trap. You might have already paid for this scammer which is probably not your fault. Demand a receipt and quickly take it up if it is becoming an issue.
In summary, real estate transactions need you be patient and do your due diligence well. Allow for human error and mistakes but not too big that they scream for your withdrawal. Do not be afraid to put anything on hold, you are not going to lose the ‘best deal’. That’s what they tell you, they say you should hurry before it slips off your fingers. You will always find other reasonably good deals.
Photos and descriptions don’t match the reality
Creative photography can disguise faults and problems, that’s why you should insist on a physical inspection, as it’s a guide to the ultimate experience in the property acquisition journey.
Be sure to see what you’re buying.
Refusal to offer physical inspection
If you’ll skip other processes involved to secure land or get a new home, don’t miss the step where you should actually go and physically see the site or property. Fraudulent people play very smartly and that’s because they have been in this for a very long time. They keep on delaying, postponing, and eventually denying you the opportunity to get to see where you will be investing your money. You need to be patient in real estate transactions. Take your time. You can tell them that you can afford to wait until they are ready to show you what you are about to buy.
What do we do at Ace?
Here at Ace, we provide you with the best available real estate investment options topped with affordable payment plans.
We have a list of verifiable properties in different areas of Lagos, upon purchase you get a receipt of payment, A Contract of Sale, A Deed of Assignment, a Survey Document, and Physical Allocation.
Over the years, we made hundreds of people landowners and we can do the same for you too.
Whatever your budget is, whatever your choice of property, we have the right payment plan that would work for you. We understand that investing in real estate is a lifetime commitment, so let’s walk the long road with you.
