Six Tips On Avoiding Real Estate Scams
Following a news story about a young mother being scammed of more than $2,000 for a real estate transaction, local real estate agent Tamika Todd of Platinum Realty gave some advice about avoiding fraudulent tactics. The six tips follow below.
TIP #1 – Beware of any heavily under-priced (discounted) rentals. The property in question was a 2-bedroom priced at $1,200/mth. That in and of itself should have raised an antenna. Yes, we are in a season where much is negotiable, and rightly so; but, one should not move with haste when the price appears to be a great deal.
TIP #2 – No address, no apartment. It is not uncommon for ads not to include the street address of a rental unit due to various reasons including but not limited to protecting the privacy and security of current occupants. However, upon enquiry to schedule a viewing of a unit, if an address is not supplied, that should be a good indicator that something is up and not right with this picture.
TIP #3 – Don’t pay for what you haven’t seen. Do not provide any banking/CC details nor transfer any funds until you have satisfied yourself of the unit you intend to rent and its conditions by viewing it at least once [I recommend at least two viewings, if able]. Period.
TIP #4 – Real estate agents in Bermuda have to be licenced in Bermuda in order to conduct any real estate transaction. An agent from another jurisdiction cannot conduct business in Bermuda without such. Not sure if they’re licenced and they reside here in Bermuda? Contact the Registrar of Companies Real Estate Division to check.
TIP #5 – If it looks like a duck, it’s probably a duck. According to the article, the photographs of the unit did not reflect common Bermudian architecture. Be mindful of false promotion. Look for familiar features. No white roof? Views of mountains in the background? Then, perhaps it’s not in Bermuda.
TIP #6 – Contact the police to report any suspicious activity. Email them at fraud2@bps.bm or call them at 247.1757. Pass this information on to your loved ones, particularly to any seniors.
Read More About
Category: All, Business, Crime
Thanks, Tamika, for some simple, but great tips. This may save some unsuspecting person from biting at what may seem to be a great deal!
I appreciate the info you have provided in this article. I am a Real Estate Agent and will surely make a note your points.really fantastic tips.