Real Estate Scams

Sellng your property privately online? You may want to chaeck if someone else is also selling it, and at a huge discount to lure unsuspecting buyers.

You rent your property online easily, so why can you not sell it as well? That is the reasoning for many private sellers and especially those who think they are saving a lot of cash through this process.

However, as more seller are discovering, it is not that easy. An Ottawa-based private seller revealed this week that she found her house for sale on another site at almost half the listed price. Intersted buyers, primarily international, are sent official looking documents and encouraged to lodge a deposit for a 'quick sale'.

"There are new financial and real estate scams turning up all the time, but I hav enot seen an overall increase in the scams in the past few years. However, the creativity and sophistication of scams do seem to get better and better" says Claude Boiron, author and broker at Coldwell Banker Terrequity Realty.

Tracking scams is difficult as many of th service providers are no tbased in Canada, with Boiron advising online sellers to be extra vigilant and cautious.

``Regularly check online for any unauthorized ads regarding your property during the selling or leasing process`he advises. `Some aggregators may help sell your property, but anyone who modifies your ads, especially the asking price, is likely up to no good``

Credit to Canadian Real Estate Magazine 4 Dec 2013

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Randy Stevenson

Randy Stevenson

CENTURY 21 Acclaim Realty Limited
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