You might not notice certain discrepancies in real estate listings when you are excitedly looking for your first house with your spouse. The happy haze of imagining your new residence with your betrothed may overshadow significant issues. If a deal seems too good to be true, it likely is.
To avoid real estate scams, familiarize yourself with ways to identify a fake property listing.
Look for red flags
When deciding whether a great deal is legitimate, look for a few common signs of real estate fraud. One big tip is extreme urgency from the seller. If they are rushing for you to close on the property, step back and ask yourself why. This may signal that an underlying issue exists.
Another sign to look for is if the home photos seem off. Fake images look inconsistent and as if they do not fit the same home. A reverse image search might show that these pictures go with another property.
It is also important to remember that real estate is a profitable industry. Sellers and real estate agents are looking to make money off the sale of the property. Check the price of the residence and assess if it seems too low to make a profit.
Conduct a title search
A title search is a legal process in which one thoroughly reviews all real estate documentation, usually with a lawyer’s help. A complete title search helps ensure a successful property purchase and actual ownership transfer. Without this step, you might miss matters that affect your titles, such as liens or open judgments.
Taking extra precautions while searching for your dream home can prevent fraud or future real estate issues.