Beware: Property Scams - BERADER Properties blog

Beware: Property Scams

So what it basically boils down to is this: 1. Never allow someone to take possession of your property until the funds have been paid. Excluding early occupation and occupational rent of honest buyers awaiting a bond. 2. Buyers wanting to bypass the agent should set off alarm bells. Why? Simply because the buyer has zero to lose when using an agent, the seller pays his commission.

However it is not always about the money, which may sound strange to most people but there seems to be a different kind of scam making the rounds with in the property market, where the “buyer” offers to pay the full purchase price (in cash as well), on the condition that they can move into the property immediately.

What does a con-artist gain from this you ask… well they will never own the property and for obvious reasons will be evicted at some stage; however this is the exact point. Given the complicated eviction process, it may take months if not years to get this matter resolved in a court of law, and by this time the scam artist has moved on to the next victim, having taken full advantage of the living situation.

There is a saying in today’s world “if it’s too good to be true, it probably is” and this should apply to the seller in this case as well, nevertheless of how eye-catching the offer sounds.The proprietor who simply takes someone’s word for it, could end up losing hundreds of thousands or Rand’s.

Original Source: Private Property