5 Telltale Signs That a Property Sale is a Scam
Making the decision to buy a piece of land is exciting. It can be a big undertaking and making sure the seller isn’t scamming you shouldn’t add to your workload. We’ve put together a list of 5 telltale signs that a property sale might be a scam. The goal is to help you avoid a fraudulent seller if you happen to encounter one.
Here are the top 5 red flags to look for:
1. The Seller won’t provide you with all the details about the property
If the seller is not forthcoming with the parcel number, annual property taxes, or the exact property location, there is reason for concern. These are basic pieces of information that should be readily available when asked for, or even better, they should be part of the property listing. If you are having a hard time acquiring any of these details, you should start to question the sale.
2. Duplicate Listings with Different Seller Names
If you see the same property listed on multiple websites, that is not a problem. This is a common marketing strategy when selling real estate. The important thing to confirm is that the seller is the SAME on all listings. If you see a property listed on more than one website and the seller names are different, be on alert.
3. The Property Seems Too Good To Be True
There are lots of great land deals out there. But, if it seems too good to be true, be aware. If the price is ridiculously cheap, and the property has EVERYTHING you’ve ever dreamed of (river frontage, on a mountain, and on the ocean), it might just be a scam. You can’t buy ocean front property in Arizona.
4. The Seller is in a Big Rush
If the seller is pushing you for a quick sale and is making you uncomfortable, listen to your gut. A reputable seller will understand your need to do some research and ask questions. If the seller is pushing you to make a decision quickly, or making you feel bad for asking simple questions, it might be time to walk away.
Another side of this coin is if the seller has told you an unbelievable story tied to the sale to explain the rush or the great price, be wary. Yes, crazy situations do occur, but take any story with a grain of salt and be smart.
5. The Seller is Acting Shady
The seller should be easy to get ahold of and forthcoming with answers to your questions. Even if they seem like simple questions, you should be given correct and thorough responses. If the seller is giving you vague answers or dodging your questions altogether, please be skeptical. The seller should also be willing to take a phone call from you. A very common scam practice is to only correspond through emails. If you are having trouble connecting with the seller, that can be a red flag.
In the grand scheme of things, most people are honest and have good intentions. But there are still scams out there because some people feel the need to take advantage of others for their own benefit. We hope this article has educated you on what to look for so you can avoid being the victim of a scam.
