The online property listing sites have made property sale/purchase process easy. Now people can easily search, Buy and Sell property online. As the online listing is on rise, It is also prone to house-hunters, fraudsters and scammers.
The scammers can create fake listings on the site by taking legitimate property information from another site. When you contact, you get response that the owner is out of town or the country and looking to rent his or her property. The scammer then asks the prospective renter for personal information and money to be sent to a bank account to pay for a security deposit and building key. The scammer strategy can be same on sale and purchase of property.
For many people who have tried to rent a property online, this scenario might sound all too familiar. While new technologies have made it easier than ever before for property seekers to get all the information they need to supercharge their house hunt, the Internet has also made it easier for online fraudsters to target both buyers and renters.
Online property scam awareness can save you from such scams. Global property network Lamudi is organizing meetups and events to create awareness of property scams. Some tips are learned through Lamudi’s blogger meetup that can help online property seekers avoid falling victim to a scam.
Tips to Avoid Online Real Estate Scams
Always insist on inspecting the property
Never agree to make any payments upfront or sign a contract without first inspecting the property. Viewing the property and meeting the agent in person are the best ways to guarantee that the listing is legitimate.
Verify the identity of the person you are dealing with
Take steps to check the agent you are dealing with is a licensed broker or agent. In the first instance, a simple online search can help you detect a scam. Try searching for the property’s address, the name of the agent and their email address.
Avoid listings that have been posted multiple times
One common scam is for fraudsters to copy an existing (and legitimate) listing of a property for sale and repost it as a rental, with their own contact details attached. Look out for duplicate listings which have different asking prices.
Never give away your personal information or documents
You should never be asked to provide your bank account details or personal identification documents to someone over the internet. Importantly, never provide your credit card verification
Remember that if it sounds too good to be true, it probably is
One of the most important rules in real estate is that if a deal sounds too good to be true, it most likely is. Be skeptical about any online listings for attractive properties which are very well priced for the area. Scammers often use these very low prices to lure property seekers.
If you detect a scam, get in touch
Focus your search on properties listed by well-known real estate agencies and trusted classifieds websites. Once you have detected a possible scam on a real estate search website, notify the platform immediately.
La Mudi’s Real Estate Fraud Policy
Lamudi.pk operates a zero-tolerance policy towards real estate fraud and works constantly to ensure that contracted agents and developers are credible, reputable, and honest. Lamudi maintains a personal relationship with partners to ensure that Lamudi lists properties from a wide selection of trusted sellers, brokers and landlords. Its aim is to provide both convenience and trust for property seekers by also offering quality support and assistance via chat, email and phone. Its most vetted agents and developers are listed as “Trusted Sellers”. Look out for the trusted seller label on the right-hand column of our property listings.