Beware Property Scams

It’s criminal…

As the internet and social media continue to take more of a hold on our daily lives, the recurrence of property scams are becoming all too common.

Fraudulent schemes target individuals involved in buying, selling or renting properties. The scams can include fake listings, impersonation, or manipulation of transactions to steal money or property. Have your read the sorry tale about the Reverend Mike Hall?

In this article, our aim is to alert you to some of the scams doing the rounds. Beware property scams, remain vigilant, and never be afraid to ask for identity and proof of address.

Let’s look at some of the common property scams. Another key point is that unsuspecting tenants and buyers can be taken in leaving deep holes in their pockets and bank balances. It’s downright criminal!

Fake, Fake, Fake

1. Property Listings

Scammers have no conscience when it comes to creating a fake listing for properties that don’t exist, are not for sale or rent, and entice potential tenants and buyers to enquire. If you are asked to pay to view the property or pay a deposit, DON’T. Make sure you are dealing with a bona fide estate agent or direct with the landlord.

2. Agents & Landlords

Scammers impersonate legitimate landlords or agents and trick potential tenants into paying deposits or rent, or buyers into signing contracts. You’re unlikely to get your money back. Always use a recognised Letting Agent e.g. Propertymark, and make sure to meet the Landlord and do you own checks before parting with a single penny.

3. Rentals

Do you know how to spot a fake and protect your rental property? Scammers may impersonate real landlords to collect ill-gotten gains from unsuspecting tenants (maybe in the guise of deposits or rent). You may be asked to pay cash for rent or deposits, leaving little trace. If you ask for a receipt, it may not be worth the paper it’s written on.

What you must do

1. Verify Agents and Listings

Be sure to verify the property listings and agents by contacting the Estate/Lettings Agency or Landlord direct.

2. Always View the Property in Person

You may be interested in a property at a location some distance away if you’re moving between locations. As a result, you may be tempted to accept an online viewing or video instead. For fear of losing the property, you then make a hasty decision. Above all, you should always physically view the property. Sometimes, photos can be misleading, details incorrect, and meet the agent or Landlord at the property.

3. Check the Title Deeds

Another key point is to check and verify the Title Deeds to ensure legitimacy. Is the person purporting to be the Landlord/Seller, really that person?

Did you read the Reverend Mike Hall‘s story. Unscrupulous fraudsters have no qualms about extorting money from innocent victims.

ANTI MONEY LAUNDERING

Callaways have strict Anti-Money Laundering processes and procedures. Call us for advice on letting or selling your property: