Real Estate Scams And How To Avoid Becoming A Victim

Published | Written by Jennifer Jacobs

Around every corner is a scam artist or thief looking to take advantage of an unsuspecting victim. The best way to avoid becoming a victim yourself when purchasing real estate is to educate yourself on some of the most common scams and understand how to avoid them. These are some of the more common real estate scams that you should look out for whenever you are in the Tulsa real estate market to buy a new home.

Never Send Money or Information Without A Legal Contract

If you are asked to wire money to an owner or landlord, or provide any type of down payment, make sure that you have the contact conditions in writing and notarized. Any type of residential or commercial Tulsa real estate transaction will deal with large sums of money, and if someone is truly interested in doing business with you, they will meet with you in person and go through the proper channels to make a legitimate transfer.

Along the same lines, don’t give out your social security number, bank account information, or any personal records without using the same scrutiny.

Be Wary of Empty House Scams

Even if the other party has a contract that looks legal, be especially cautious when renting homes in the Tulsa real estate area. Many fake realtors and scam artists have been known to “rent” out houses that are under foreclosure or that are waiting for a sale, taking your money and leaving you in an awkward predicament when the bank or future buyer shows up at your doorstep. Never work with a real estate agent that utilizes aggressive selling techniques because they are “going out of state” or that the price is so low you can’t resist.

Always work with a Tulsa real estate agent or company that you can trust and that has experience rooting out potential scam artists. Protect your interests and be cautious around any offer that sounds too good to be true.

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