How Can You Avoid Fraud & Scam While Buying a Property?

  • 12 months ago
  • 1

Are You Concerned about Scams?

Unfortunately, fraud and scams are a part of our lives regardless of country or industry. Swindlers may even use luxury offices and expensive cars to convince us and buy our trust. Besides, they may sound quite professional and even operate as a highly organized team. A scammer might easily rush you to make cash payments. Then, they justify the urgency with the promise of a once in a lifetime limited opportunity.  Moreover, their tactics might continue until they lure you in for a fraudulent scheme and rip you off. In such a case, always remember that no prospective opportunity is more important than your peace of mind. Therefore, it’s best to exercise all possible safety measures when you buy an estate in a foreign country. In our video, we’ll be explaining the most important measures you can take to avoid fraud and scams while buying a property. Now, let us see more about this topic!

Accountability and Transparency 

Clearly, accountability and transparency are universal values. These values will guide you to avoid any property rip offs. But do you know how to apply these measures in the field? First of all, never drop your guard during your property search. Moreover, you can use various protection methods as you need. These measures include; vigilance, double checks, cross checks, random checks, physical inspections, personal visits, web search and neighborhood searches

As you can see, there are many security options that you can employ to ensure your safety.  If any of these methods seem confusing, please consult your realtor. Your trusted realtor will be pleased to help you understand and use these safety measures. You may also choose to work with a solicitor/lawyer to protect your rights at an additional cost. It is wise to use all these measures considering both their costs and benefits. It all comes down to evaluating your options and choosing measures that work best for you. If you want avoid unnecessary costs but also buy enough security options, please consult with your realtor. Your realtor will help you understand potential costs and benefits of each security measure available. As a result, you can make your own cost and benefit analysis.

After all, don’t let a few frauds or scams to discourage you and ruin your day. Although fraud is a universal fact, accountability is also a universal value. Proper inspection methods will give you the assurances you may need in your property search.

Apply Proven Safety Measures!

Photo by Glenn Carstens-Peters on Unsplash

Safety measures such as double checks and crosschecks are very useful in verifying relevant documentation. You can start by checking your realtor’s and home builder’s permits. Make sure you are working with people who are licensed by the relevant authorities. When you visit your realtor’s office, you should be able to see their licenses and company papers prominently displayed. Moreover, it is wise to check the construction and residential permits of homebuilders. However, any hesitation to show legal permits will cast doubt on the reliability of homebuilders.

On the other hand, physical inspections and personal visits allow you to view and confirm builders’ credentials. Besides, inspections and visits help you confirm the existence of the property and evaluate its craftsmanship quality. Web searches and neighborhood searches are commonly performed using social media and advanced search tools. Unfortunately, misinformation and disinformation are widespread in the digital world.  Consequently, verifying the authenticity of information is essential. To ensure your safety, you need to raise your awareness during your property search. If you’d like to learn more about this topic, please read our article:  Procedures While Buying a Real Estate in Turkey.

Do random and unexpected checks

Performing random anti-fraud checks can be critical to expose the flaws in fraudulent schemes. You may ask random and unexpected questions about properties during property visits. Additionally, demanding random inspections will give you more control in your hands. Remember that all lies and frauds are exposable. You can easily identify and break fraudulent patterns once you understand its weaknesses. All you have to do is to ask the right questions and do the timely inspections.

Don’t Let Frauds or Scams To Discourage You!

Photo by Bernard Hermant on Unsplash

Proper inspection methods will give you all the assurances you need in your property search. Keep a positive attitude through the process but remember to stay alert. Additionally, be wary of people that hassle you and rush you into cash payments. Remember to choose wire transfers over unaccounted cash payments. Similarly, never sign binding contracts before careful consideration. Always pay attention and exercise caution. Never use shortcuts and always follow the legal procedures.

After all, current real estate sales records to foreigners in Turkey are at all times high. More and more investors are buying real estate from Turkey. To find out more about it, please read our article: Turkish real estate sales to foreigners are at an all-time high!

Find a Good Realtor.

Ahmet Karayigit
Ahmet Karayigit

Finding a reliable realtor is the first step, if you want to protect your rights. After finding a good realtor, you can safely proceed with your property search without any hassling. Besides a reliable realtor will help you avoid potential fraudulent schemes. Therefore, your trusted realtor will help you separate the wheat from the chaff. In addition to the services of your realtor, it is best to follow an inquisitive and cautious approach. A local realtor can be one of your greatest assets in helping you safely navigate the purchase of your next property. It is wiser to consider your realtor not simply as an agent, but also as an advisor and a friend. After all, your realtor will be your local representative to manage your properties in a new country.

For more information, feel free to contact Us!

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