| The real estate market is awash with brokers, | | | | are from the UK, with others from Italy and |
| middlemen, and agents who, mostly are | | | | Nigeria. |
| professionals and legitimate dealers. However, like | | | | How To Protect Yourself From Online Real Estate |
| most markets and businesses, there are a few | | | | Scams |
| rotten eggs, who will do anything just to profit, | | | | It is a byword for a responsible real estate |
| by fooling hapless customers. | | | | investor to never, under any circumstance, give |
| Being a real estate investor means protecting | | | | out personal or financial information, this would |
| yourself from potential scams and rip-offs. Be | | | | only be necessary when closing the deal is already |
| aware that just because someone holds a | | | | set. If the person e-mailing you wants to know |
| professional license of some kind doesn"t mean | | | | "whose name the ownership is in", "is there an |
| that he is honest. You can probably order one of | | | | insurance certificate", or "are you a US citizen", |
| these licenses over the Internet, or ask someone | | | | etc, beware of these people. |
| to forge them. | | | | It is also imperative that you know who you are |
| Know When To Raise The Red Flag | | | | dealing with. Do this by confirming the buyer's |
| The internet is a tremendously large repository of | | | | name, street address, and telephone number. |
| information, and for real estate investors, a | | | | Search the internet for the name and telephone |
| potential minefield for scams and potential rip-offs. | | | | number. You may find some enlightening |
| Online clients should use extreme caution when | | | | information from doing a quick search on Google, |
| replying to email requests about your property | | | | Yahoo or MSN. To add, avoid dealing with people |
| for sale. If the e-mails initially look suspicious, | | | | from outside the United States, if possible. You |
| immoral or illegal, it probably is. Consumers should | | | | should know that you have very limited rights or |
| learn to raise the red flag when these warning | | | | protection with dealing with persons outside the |
| signs show up, and here are a few examples: | | | | USA. Should you accept payments by check, ask |
| - If the person/agent/broker sends you an email | | | | for a check drawn on a local bank or a bank with |
| saying they want to "buy your house", without | | | | a local branch. You can visit that bank branch to |
| even seeing your home. It is noted that around | | | | verify if the check is legitimate. |
| 99% of buyers want to see the home or other | | | | You should be aware that there are a lot of fake |
| real estate before making offers. | | | | cashier's checks and money orders and banks |
| - If an email asks you to "deposit funds" or "send | | | | may unknowingly cash them and hold you |
| a check" before even seeing your home. | | | | responsible when the fake is discovered weeks |
| - If you do an Internet search on the phone | | | | later. And also, never accept a check for more |
| number they give you, and the number traces to | | | | than your selling price. The buyer offers to pay |
| an Internet Cafe or other suspicious information | | | | more than the asking price and wants you, in |
| turns up. | | | | return, to write a check for the difference. Their |
| - If the person is from a country other than the | | | | check will most certainly bounce and you will be |
| United States. Be aware that the majority of | | | | responsible for paying the bank penalties. |
| people who have tried to these types of scams | | | | |