Real estate transactions are more stressful than having a baby, moving or a change of job. The constantly changing rules and regulations make it more intimidating and it varies from state to state. So, whether you are buying or selling a house, watch out for these common scams reviewed by Zack Childress.
- The dual agent scam:Making use of a real estate agent that corresponds to both the buyer and the seller isn’t in your best concern. Despite the fact that dual agency is officially authorized in most of the areas, a real estate brokerage may still have its own set of laws ruling out their agents from the potential conflict of interest of representing both the buyer and seller.
- The buyer’s commission: Anything that comes in and goes out should be recorded officially and the terms of how much should be shelled out in a real estate contract. First time home buyers fail to understand that it doesn’t cost them anything and they shouldn’t have to pay the person representing the property out of pocket to help find their dream house. Having said that, if there is no listing agent and the house is for sale by the owner itself then the buyer’s agent needs to come in terms with both the buyer and seller to settle on how they will be paid for their time and expertise involved. Irrespective of the amount and whether it is a flat fee or a percentage of the home sale proceeds, the payment should be addressed in advance of any sales contract.
- The as-is sale: Sometimes scam exists in the name of as-is sale, beware.Investors looking to flip a house for a profit, get enticed to a no-condition sale. Well, do not be deceived by it, be sure to weigh all the factors before acting in accord to a no-conditions sale. In a no-condition sale, the buyer will be held responsible for all the repairs that the house demands and the seller, on all accounts is not financially responsible for any problems or issues. This no-condition sale sometimes restricts home inspections; in this case you should be double-cautious and do your due diligence.
If you do not want to be swindled then you should be cautious of these scams that are following you. Apart from the aforesaid scam types, con artists come up with new methods each new day; hence it is a must to be aware of them.
Now that you are aware of some of the methods handled by the con artists to deceive you through reverse mortgage scam, make sure that you be cautious to not become a victim. Hope this article of Zack Childress reviews about reverse mortgage scams equipped you with enough knowledge. For further details on reverse mortgage scams, read Zack Childress articles and you can be sure of getting into scam-free real estate transactions.