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Top 3 Online Scams in Real Estate

July 1, 2020
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Online selling is booming now with the crisis at hand. However, with the surge of the online market comes the con artists who take advantage of shoppers using modern means. Here are the top 3 common online scams in property buying, selling, and leasing.

Phishing

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This is a common fraudulent act online. Unfortunately, it has found its way in the Real Estate Industry. It is where the buyers receive emails that post as their realtor or the property seller. The website then asks for their personal information and bank details. Criminals could also hack the real estate agent and steal important information of clients. That is why, good communication, personal or via call, is necessary between the realtor and the client to set a clearer air before any transactions.

An example of this act is an email sent to a property buyer by a person posing as his attorney. The contents of the email is exactly the same standard confidentiality notice, disclaimer, and signature the attorney sent prior to the scam email. What he didn’t notice is the extra “s” in the email address of the scammer posing as his lawyer.

Faking Documents

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This is when a person deceives the buyer for a property he does not own. He then sells it for a very affordable price and gives the fake documents to the buyer. Sadly, however hi-tech our generation now, many still fall for this. As there are places in the Philippines that sell fake documents to the public. To not be deceived by these treacherous individuals, having a trustworthy realtor is a must.

Copying of Property Posts

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A person copies property posts of legit online listings of properties for rent or sale. They then post it somewhere, advertising the property as theirs. If someone bites their trap, they will then collect the downpayment online–never to be seen again.

Even in the US, this is a major issue in the Real Estate Industry. An astounding 43% of online shoppers encountered a bogus property seller. In fact, just from January to October 2019, about $38 Million loss associated with “rent” is reported.

Now that our countries’ economy is gearing towards online shopping and selling, online scamming tendencies is likely to increase in the coming months. Let us all be vigilant of these Real Estate Scams.

Put in mind that having a Realtor is like having a tour guide. You might reach the mountain top without them but it’s not going to be a flawless journey. And you wouldn’t want to lose your hard-earned money on some wrong turns, would you? Contact The Lead Realty now.

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