In A Rush To Close A Deal And 3 Other Ways To Know When You Are Being Scammed During A Real Estate Transaction

In A Rush To Close A Deal And 3 Other Ways To Know When You Are Being Scammed During A Real Estate Transaction

  • The real estate industry in Ghana has its fair share of scammers, just like any other lucrative business out there
  • Real estate scams are common because the large sums involved during the transaction make it a target for dubious people who want to defraud unsuspecting victims
  • There are signs to look out for that can make even a novice in the real estate industry suspect foul play when they want to buy or rent a house

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The methods used by real estate scammers to target their victims are becoming more sophisticated. They are inventive, smart, and non-discriminatory. You, as the customer, must be able to spot these frauds and stay away from them at all costs. Below are some ways people can spot such real estate scams before becoming victims.

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A woman defrauds a man of his hard-earned cash
A woman defrauds a man of his hard-earned cash. Photo credit: Hill Street Studios
Source: Getty Images

Changing Payment Information At The Last Minute

One way to spot real estate fraud is that the account details of the agent are changed at the last minute. This is because real estate professionals use bank accounts to process real estate transactions. However, legitimate agents or landlords often do not change payment and bank information at the last minute.

When payment and bank details change at the last minute, it’s time to raise eyebrows and ask questions.

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When They Agents Or Landlords Only Communicate With You Via Email

It is a huge red flag when agents or landlords only want to contact you via email. No respectable business, representative, or property owner will favour talking with you only via email. They'll prefer speaking with you on the phone and in person. So there is a good chance you are dealing with a fraudster when you interact with someone who only wants to communicate via email.

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In a Rush To Close The Deal

You have every right to take your time and carefully consider every detail before making a home purchase because many factors are involved. In particular, when sending sizable sums of money, you shouldn't feel pushed to make hasty decisions at any point in the process.

You should think twice about the purchase if the individual you are working with urges you to respond quickly without carefully considering your options.

Requesting A Deposit Before Viewing The Property

Before viewing a property, no legitimate real estate agent or owner would demand cash in advance. Therefore, it's time to reevaluate your interactions with such folks when you feel pressured to make such a payment.

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