Home Purchase: Scams Real Estate Brokers Will Help You Steer Clear Of

Home Purchase: Scams Real Estate Brokers Will Help You Steer Clear Of

Buying a home can be an exciting prospect, but it comes with its share of pitfalls, too. This is not only true for first-time homebuyers but virtually everyone purchasing a home. Scammers have realized this and are now targeting homebuyers more than ever.

Without real estate brokers from a Denver, CO-based firm to guide you through your home purchase, you are vulnerable to these scams. The expense of a professional will be a small thing when you want to keep yourself safe. Here are some of the prevalent scams you can avoid with a broker’s advice.

Online Sale Scams

Scammers now use ads from reputable real estate listing sites to lure uninformed would-be homebuyers. The scammer poses as the broker, landlord, or owner and responds to your calls and emails before asking for a down payment. After the transaction, the communication line goes dead. You now have less money, but no house to show for it.

Inadequate Disclosure

Some sellers will not fully disclose the encumbrances and liens on the property you want to buy. You might only realize certain limitations on the use and enjoyment of your home after the final payment. Buying a home requires a thorough inspection by various experts to establish its condition. A trusted broker can help contact all the needed experts to do this.

Predatory Lending

Home buying in most cases involves taking up a loan. There are schemes which can take advantage of your situation to charge you exorbitant closing fees and interest. If you didn’t do your due diligence and didn’t have the benefit of a professional’s advice, you might think you are getting the best rate on the market.

The mentioned scams might look obvious. They are, however, hard to notice, especially in the middle of a stressful home purchase. Getting a broker to protect your interests is the only way to guarantee you do it right.