There are many types of real estate scams targeting home sellers and home buyers in Canada. The most recent is a particular scam that originates from an out-of-town phone call. The caller asks the homeowner about the lot or home that he or she is selling, then continues to tell the homeowner that they have a 'fully committed purchaser' lined up.
In the current buyers market that Calgary has been in for months, many homeowners who are desperate to sell may fall prey to this type of scam. It is advised that homeowners trying to sell their home use a reputable, professional, and licensed real estate agent to manage the sale of their home. This scam in general promises a purchase price that is far above the listed price, but the twist is that the caller requires the closing costs for the deal, by cheque, before any deal can be proceeded.
Other common scams target home buyers looking to purchase a great deal. A person claiming to be a home owner selling their home as a FSBO lures in unsuspecting home buyers. They agree to all the terms the buyers ask, and then ask for a “deposit” that is higher than a usual real estate deposit. They insist that everything is done over email and that their “lawyer” or another representative will meet them at the property to give the keys, or they say they will courier the keys to the buyer.
One should never enter into any sort of agreement over email, especially when it comes to a purchase of this nature. The above scam is also used to lure in renters as well. Scams target those who are in dire circumstances, or eager to sell their homes. They also swindle many who may not be as quick at noticing red flags, like seniors, or individuals facing financial stress. It is always good practice to speak to appropriate real estate professionals, like the Real Estate Girls; lawyers and mortgage brokers when considering a purchase or sale, even if you are going the FSBO route.
Scam artists like to pick their niches carefully. If they can convince you to give them your money, it is because they do their homework and fact check. They will use current economic situations to back up their lies and make the deal seem legitimate.
Remember, if you feel the deal is too good to be true, you are right. To find great deals that are true, contact the Real Estate Girls today!(403) 617-2979