The real estate agent should be the one person you can trust to be on your side in the whole process of buying or selling a house. After all, if you get the best deal, they also get the best commission, right?
Yet, the real world is more complex and you may be the unlucky buyer or seller who has to deal with an unreliable realtor or, worse, a fake one (according to a recent FBI report, real estate or rental fraud is on the rise in the US).
So, if you think there is something weird with how your realtor is approaching the situation, here are a few signs that you are about to get scammed big time:
Pay Attention to a Shady Background
Just like with anything else, when choosing your real estate agent, check for customer reviews and/or recommendations. If you can, meet up with former customers and ask about the experience with the realtor you’re planning to hire.
More often than not, a real estate agent that can’t give you a list of happy customers after several years on the job seems like trouble.
That’s why, if you don’t know who to trust, you should work with a reliable platform like Home & Money. They have access to a wide range of professionals in the real estate business and can pair you up with the right one in your area.
Don’t Allow Yourself to be Pressured
If you take a look at the news recently, you’ll know the housing market is going through a period of scarcity. There are more buyers than sellers and new houses are not being built fast enough to cover the demand.
That’s why many homebuyers are happy to close the deal without proper inspections of the property. Plus, some buyers don’t even need to see the property - if their realtor gives the OK, they will wire the money in order to get the house.
While it makes sense (to some extent), this type of behavior opens the door to scammers and fake realtors who only want to get the money out of your account and into theirs. For this, they will use every trick in the book to make you think your dream home is about to go off the market if you don’t act in a few days or even hours.
If you don’t have complete trust in your realtor, don’t let this kind of pressure guide your decisions. Even if you lose one property, you never know what opportunities will come in the future.
Unrealistic Guarantees
If it sounds too good to be true, it probably is. This rule will save you a lot of frustration and financial losses in life, so make sure to apply it well.
If your realtor starts offering guarantees that have no foundation in the real world, it’s best to take your business elsewhere. Fake realtors and even real ones desperate for new customers may try to rope you in by promising that your property will sell in a really short period of time. They may even promise favors with the loan granting organization or a huge increase in the asking price (if you wire them a small deposit in advance).
Wrap Up
The right realtor will help you find the right offer while considering your real budget, your timeframe, and your emotional needs.
They should be your support throughout this entire process so if you don’t feel comfortable with the terms, it’s best to not sign with them.
Keep in mind that scammers of any kind usually show up when you are in a pinch, so it’s best to surround yourself with trustworthy people who can provide guidance and advice during tough times.
