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Some signs that you are moving toward a real estate trap

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Some signs that you are moving toward a real estate trap

25.Dec.2022

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For most people, the home purchase is the biggest in their whole life; any error can be the most severe and long-term repercussion for the buyer. Therefore non-experienced buyers should take maximum care while purchasing or investing in property. We'll examine some of the most important signs indicating you might be headed for a fraud trap. 

1). Seller may be in a hurry 

 If a person wants to close the deal in a hurry so maybe intended to cheat the buyer. So we can consider this sign as a warning, and the buyer of that property should make distance from them. He may also be facing some personal emergency that requires him to sell out his property quickly. For the buyer, there can be a massive scope of errors if a deal is concluded in a hurry. 

2). Cheap property

The crime branch of Mumbai police has recently busted a racket that promised to provide housing and area development authority flats at lower rates than market price. A buyer who was cheated of Rs. 12 lakh filed a complaint, so the racket was busted.

A desperate owner will never relinquish his property at a throwaway price. Real estate is not good, which loses its value time by time; that's why deals at a very low cost must be investigated carefully.

3). Seller is unwilling to show property document

Documents of property are the proof of the owner's rights over a property. You should not believe any words or claim on ownership of the property without examining yourself or through a legal expert. If a seller is not genuine, they would be evasive and unwilling to show them to the buyer. 

4). Location of the property is unregulated

Sometimes a buyer may be willing to take the risk of buying property in an unregulated area. This is not a good idea, as you will have a fear continue of losing the property.

5). If the bank rejects your loan

You will have an advantage in applying for a home loan in that bank carries the due diligence about the technical and legal aspects of the property if any issue is found, so the request for a home loan will be rejected. It may be best not to proceed with the deal if this is the case.

6). Seller is out of the country

 Fraudsters use power of attorney to dupe home buyers. In this case, the so-called representative of the NRI seller would tell you that his client can't travel to India due to some circumstances present at the time of the transaction. Many frauds happen where the property has been sold to the buyer by showing a fake power of attorney. 

 7). Excuses for a site visit

A fraud seller may not allow you to visit the site at your comfort; he will only allow you at his convenience. It's important to be sure you're dealing with the right seller. Make many visits to the property and get in touch with the neighbors to make sure.

8). Huge token demand

A fraud person willing to defraud the buyer will consider robbing you as much as possible; therefore, he will ask you for a massive token of money.  

 9). Assured returns

Builders launch many interest subventions in the residential part and 80:20 payment plan offers. The government approved the unregulated deposit schemes and chit-fund bill in 2018.

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