Buying a new home is one of the most expensive purchases that any of us will make in our lifetimes. As such, it’s vital that we make informed decisions and keep ourselves safe from scams.
Property scams are rising right now as house prices get even higher and criminals are becoming savvier, so anyone buying a new home needs to be aware of common home buying scams.
In this article, we outline some of the scams that house buyers need to be aware of and how you can avoid them.
Fake Cash Buyer Companies
Quick home buying companies can be ideal for anyone who’s also selling a property and wants to get rid of it fast, without paying any estate agent fees.
With their help, you can end your side of the chain quickly and ensure that you’re ready to move once you’ve found the perfect property to buy.
While many cash buyer firms are legitimate, some don’t give you a great deal or might even be fake. Check out this We Buy Any House Review to learn more about what a legitimate house buying firm looks like and how you can reduce your chances of being scammed.
If you’re unsure about a cash buying firm and can’t find reputable reviews like this one, then don’t use them.
Instead, use the techniques in the article to find out more about the home buying firms you’re exploring and how they work, so that you can find the right one for you.
You’ll then be able to feel safe knowing that you’re working with a respected cash homebuyer and can get your house sold as soon as possible.
Spoofing Email Addresses And Bank Details
Another common scam homebuyers face is spoofed contact or bank details. Spoofing involves making one set of details look like another so that scammers can redirect your money or communications.
They can then get your details or steal your cash and make it difficult for you to trace them and retrieve them.
When you’re transferring money to your solicitor or someone else, make sure that you check the bank details or email addresses before you press send.
Also, if you’re completing the transaction online using your private computer, make sure that your anti-virus software is up to date. If you’re in any doubt about your communications, call or visit the person you’re communicating with in person to confirm their identity and ensure that you’re sending your cash to the right person.
Look After Your Mental Wellbeing
Purchasing a new home can be a stressful process, and 85% of homebuyers experience some level of stress while purchasing their property.
When you’re stressed, it’s easy to be less vigilant than usual and to make small mistakes that could lead to problems.
For example, you might be so eager to get things over with that you don’t make as many checks as you usually do and might send money to someone who isn’t your solicitor or seller.
So, looking after your mental wellbeing is a crucial step to ensure that you don’t get distressed and overlook basic safety strategies.
By being aware of your mental wellbeing and working to be aware of any stress you’re experiencing, you can remain vigilant and reduce your chances of losing money during your home purchasing process.