There are scammers everywhere! Whether you’re buying, selling, renting or refinancing the mortgage on a home, the last thing you want to worry about is being scammed.
To avoid property scammers. here are some important tips:
Make sure the agent is legit
If you are dealing with an agent or negotiator, ask them for their name card as well as which company they work for, and contact the company to make sure they are actually working with them.
It sounds too good to be true
If you heard about a property for selling or renting that is super duper low price, almost too low, which you think does not make sense, especially considering the property's location, property type etc. Be sure you do research first, make an inspection, and do not make any payment beforehand.
For example, a new condominium in Bangsar, Kuala Lumpur with 3 bedrooms and 2 bathrooms, 1000 sqft, selling RM600K, it seems not logical and impossible. Why? If you research a new condominium in Bangsar with 1000 sqft, normally the selling price is from RM1 Million. You get it?
Resist to meet-up face-to-face
Let say you interested in buying or renting an unit and you decide to make an appointment with the so called ''owner or real estate agent'', then they may make excuses not to meet, only send some photos to you and ask you to pay a booking fee or security deposit before the unit being grabbed by someone else.
Short viewing time
Let’s say you were able to fix up a viewing of the property with the owner or agent. However, during the viewing, they rushed through the property, just a very short viewing or inspection time (e.g. 5 minutes), or refused to let you see certain areas of the unit. Be careful! If the owner or agent tries to rush you through it, then it might be a reason to suspect the deal.
Poor quality of document or agreement
After everything is done and you are given the final agreement, make sure to go through the document carefully. If there is any missing information or a lot of grammar mistakes (look unprofessional) then it’s another reason to be suspicious. Do not put your signature on an incomplete document.
When dealing in any transaction, it is important to stay informed and vigilant. Make sure that you deal with people you can trust and with good credibility.
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