TIPS TO AVOID REAL ESTATE SCAM
1. Do not rush the buying/renting procedure.
Scammers frequently try to speed up the purchasing process. Most of these real estate con artists have polished this tactic to the point where it works like magic on their victims. And they accomplish this by convincing you to make a down payment, which functions as a commitment. And when you do this, they usually come up with other excuses and strategies to trick you out of more money, and by this point, pulling out of the agreement becomes difficult because you have already committed yourself by paying a down payment.
So, no matter how wonderful the bargain is, do not rush the buying/renting procedure when starting a real estate investing adventure. Step back from the enthusiasm and objectively examine the bargain; if it appears too good to be true, it is best to avoid such deals. It is preferable to be safe than sorry.
2. Confirm the identity of the individual with whom you are collaborating on the real estate transaction.
As previously said, it is critical that you verify the person or firm with whom you are conducting real estate transactions. Because there are many people/companies who pose as real estate gurus but are actually crooks. As a result, you must determine which are genuine and which are forgeries.
Fortunately, the internet has made this easier than ever before. All you need do is do a Google search on the person/company, visit their social media platforms to check their reviews. You can also go to forums like nairaland to ask questions and I am so certain you will get feedback – positive or negative.
After these, you can now decide if you want to go ahead with the deal or not. However, If you decide to proceed to make a payment.
3. Avoid paying with cash.
If the homeowner or agent requests that you pay in cash, you should proceed with caution in that real estate transaction. Because cash payments are not traceable, unlike bank payments, you should insist on writing checks or paying at the bank as this method of payment does not leave you high and dry if the transaction goes wrong.
The benefit of paying at the bank is that you will have a teller who will record the seller’s name and the amount paid. This will be used as evidence if a problem arises in the future.
4. When looking for properties, use a reputable source.
This is critical, especially if you are just starting out as an investor. The wisest move you can make as an investor is to invest with a trustworthy firm or individual. And if you do your homework – good investigation – you will come upon a credible source. Examine their track records.
As a real estate firm, we have completed real estate transactions with several clients both within and outside of Nigeria. Across our product line, we provide excellent, genuine, and customer-satisfying service. We also provide full after-sales service assistance to our customers, assisting them even in their most basic needs.
5. Inspections should never be skipped.
When the property owner or agent tries to discourage you from inspecting the house, this is a significant red flag in any real estate deal. Inspection is not negotiable if there is nothing suspicious to hide. Insist on an inspection, and if the property owner or agent refuses, it is best to end the real estate transaction immediately.
Although the likelihood of being scammed by land fraudsters in Lagos state is fairly high, it is avoidable if you exercise caution and follow the instructions outlined in this article.