Protecting Yourself From Home Buying Scams : Ardor New York ...

By Rehna on September 24th, 2012

No matter where you look in this day and age, someone is trying to scam you. You might not fall for it all the time, but every once in a while you?re probably going to get taken advantage of without you knowing it. But when it comes to selling your home, it?s important to watch your step. Getting scammed in this arena could mean thousands (if not your entire life savings) going missing. So here are a few ways to protect yourself:

1.) Know their history. Every professional out there has a track record of their experience in the home buying business. Even a simple Google search should give you a general idea of the kind of person you are working with (although a simple Google search is not nearly enough to count as research). Ask to see proof of their successes. And speaking of proof, make sure they can give you a list of references to get ahold of as well.

2.) Know their legal history. Not only is it important to know their home buying history, but it?s also important to know if they have been breaking any laws in the process. Contact your state?s Real Estate Commission or your District Attorney?s Consumer Fraud Unit. These places will be able to tell you if this individual or business has been participating in some shady dealings. And if it?s an established business you?re working with, there?s nothing wrong with contacting the Better Business Bureau as well. In the end, there is no such thing as too much research.

3.) Get everything in writing. If you?re making a deal with this person, everything needs to be in writing, and we?re talking everything. Verbal agreements are essentially useless in court, so if anything does come up you?re going to want to make sure there?s a record of your agreement.

4.) Understand what you?re signing. Just because the buyer says one thing doesn?t mean it?s the same thing that is written on the piece of paper you?re signing. The truth is, you could be signing completely different parameters than what is being explained to you. Scammers are notorious for hiding details in the fine print, so before you sign anything make sure all your contracts are reviewed by a trusted real estate lawyer.

5.) Trust your gut. If you?re getting that funny feeling that something just doesn?t feel write about this transaction, stop. Under no circumstances should you be rushed into doing something you feel uncomfortable with, especially when it is something of such a large magnitude as selling your home. If you need to slow down and work through every single detail, you should be able to do that. Any real estate professional that specializes in short sales, foreclosures and probate properties will be able to walk you through the process without giving you the heebie-jeebies.

Source: http://www.ardorny.com/blog/index.php/2012/09/protecting-yourself-from-home-buying-scams/

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